The Brazilian Chamber of Foreign Trade raised the import tax to 25% on certain iron and steel products and also increased rates on other items, including sodium chlorite and optical cables. Conversely, tariffs were eliminated for three products, including polyester threads.
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Steel-producing companies announced they aim to make these investments by 2028. This comes after a series of measures in favor of the Brazilian steel industry.
Lyba’s ambassador to Brasília, Osama Sawan, visited the headquarters of the Arab-Brazilian Chamber together with Libyan Iron & Steel Company chairman Mohamed Abdulmalek.
Brazil’s Ministries of Economy and Foreign Affairs have reported that the Gulf Cooperation Council has concluded a safeguard investigation on imports of steel products and will not impose measures against Brazil.
In the first half of 2021, domestic sales increased, but the exported amount fell, according to the Brazil Steel Institute (IABr).
The Brazilian industry association sees a rebound in output in 2020.
Measure was announced by American president Donald Trump in response to the devaluation of Brazilian real and Argentine peso.
The first half saw 17.2 million tons of raw steel manufactured, down 1.4% year-on-year. Exports were down 2.4%.
Brazil saw 2.7 million tons manufactured, down 1.7% from a year ago.
A total of 2.9 million tons of raw steel were produced last month in Brazil.
The amount of crude product manufactured in the country was up 1.1% to 34.7 million tons, while flat-rolled steel production climbed 3.3% to 23.1 million tons.
Last month, 2.8 million tons of product were manufactured in Brazil, down 6.1% from November 2017.
The country produced 17.2 million tons in the year’s first six months. Exports dropped in volume, but revenues climbed.
Exports totaled USD 548.6 million in June, against USD 210.8 million in the same month of 2017. The hike occurred after the North American government imposed new tariffs on the product.
