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Gerdau suggests higher tax on Chinese steel imports

Tuesday, 12 November 2024 02:01:33 (GMT+3)   |   Sao Paulo
       

While commenting the results of the group in Q3 2024, Gustavo Werneck, the CEO of Gerdau, stated that the Brazilian domestic market remains affected by excessive steel imports from China, adding that the recent implementation of a 25 percent import tax on some steel products was not sufficient to solve the problem.

In his view, the tax should be increased to 35 percent, but covering all steel products imported from China, not only those listed recently by the foreign trade authority, GEDEX, limited to some families of flat coated steel foils.

“With the results of the elections in the USA, more internal barriers against Chinese products are expected there and, because of this, it is likely that China will introduce even more imported products in Brazil,” he warned.

Analysts in Brazil believe that the Trump administration will not significantly impact the direct steel trade between the countries, as the current Brazilian exports of finished steel products to the US are not relevant, although the exports of slabs cover high volumes estimated at 3.73 million mt between January and October 2024.

In their view, the US steel industry has a shortage of slabs, which ultimately needs to be imported, regardless of origin, and Brazil is competitive in terms of costs and quality.


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