Mexico’s economy secretariat, SE, extended existing definite countervailing duties (CVD) over the exports of Brazilian rebar, it announced on Friday.
According to the Mexican government, it will extend existing definite CVD for the Brazilian product for five more years counting from August 12, 2015.
According to SE, Brazilian rebar will continue paying a definite CVD of 57.69 percent. The Mexican government said that eliminating existing CVD would result in an unfair competition with the Brazilian product.
Brazil is a major Latin American rebar producer. Brazilian rebar producers include Gerdau, ArcelorMittal, Companhia Siderurgica Nacional (CSN), Votorantim Industrial and Sinobras.
SE said the product subject to the CVD currently falls under the HTS code 7214.20.01.