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Brazilian steel distributors experience record sales amid import limitations

Brazil's steel distributors recorded their highest flat steel sales since 2015 in June, spurred by new import taxes and leading to a projected industry growth of 3% for 2024.

Brazilian steel distributors experience record sales amid import limitations

Brazil's steel distributors achieved unprecedented sales figures in June 2024, reaching an average of 16,900 tonnes sold daily, the highest since records began in 2015. This marks a significant increased by 19% compared with the same period last year, as reported by the National Institute of Steel Distributors (Inda). The surge in sales follows the implementation of a new 25% import tax on steel products that exceed government-established quotas, leading key industry players such as Gerdau and CSN to increase their flat product prices by 7% to 8%.

This regulatory change has effectively leveled the playing field between imported and domestically produced steel, particularly impacting the pricing of hot-rolled coils where the price difference over imported steel has reduced from 12-13% to zero. As a result, the import volumes have seen a notable decline. Nearly all quotas for the June to September period have been utilized, forecasting a sustained reduction in imports. Further statistics show a compared to the previous year increase of 5% in June flat steel imports, reaching 211,170 tons, despite the fact that it dropped by 13.3% from the previous month.

The steel sector concluded the first half of the year with a robust inventory level of 929,500 tons, marking a 9.4% increase from the previous year. Carlos Loureiro, President of Inda, remains optimistic, projecting that sales figures for July will significantly exceed those of the previous year, aligning with the industry forecast of a 3% growth rate for 2024.

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