As the US resumes talks with the European Union to eventually review the imposition of 25 percent tariffs on imported European steel, Brazil also expects to benefit from relaxed quotas.
Brazil’s optimism comes from US President Joe Biden’s proposed infrastructure investments, which might require additional imports of finished steel products.
Brazil is allowed to export 3.7 million mt of finished steel products without being subject to quotas, according to Valor. Before the quota was set, Brazil exported 4.7 million mt of the product in 2017.
“We’ve already been in touch with (Brazil’s) Foreign Relations Ministry to show (to the US) in a new (diplomatic) mission Brazil’s strategic importance. And now it gains a wider dimension with this possibility of relaxed measures by the US,” said Marco Polo Mello Lopes, executive president at Brazil’s steel association, IABr.