The Brazilian foreign trade authority, SECEX, informed the percentage of the total quotas of 529,113 mt that were used by the importers until October 28.
Such import quotas are valid until January 31, 2025, for imports at the current average import tax of 12.5 percent, while the exceeding imports will be subject to import tax of 25 percent.
The quotas by family of products and respective utilization rates are the following:
- Plates in Coil: 7,964 mt, 6 percent already used
- HRC: 54,030 mt, 32 percent already used
- CRC: 100,559 mt, 66 percent already used
- Zinc Coated: 156,709 mt, 87 percent already used
- Galvalume: 155,892 mt, 89 percent already used
- Wire Rod: 52,976 mt, 40 percent already used
- Seamed piping: 983 mt, 13 percent already used.
The high rate of utilization of the quotas, chiefly Galvalume, zinc coated, and CRC, points to Brazilian steel imports declining during the next months, as the higher import tax will reduce the competitiveness of the imported products in the country’s domestic market.
Such quotas and higher import taxes were implemented to face imports at alleged dumping prices, chiefly from China.