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Concerns rise as Brazil's steel industry targets Chinese import tax

Brazil's steel industry faces decline, urges tax on Chinese imports.

Concerns rise as Brazil's steel industry targets Chinese import tax

In a recent development, Brazil's steel sector is projecting a 3% dip in steel production for the upcoming year, with estimates hovering around 30.4 million tons. Domestic sales are also anticipated to face a 6% decline, totaling approximately 18 million tons, primarily attributed to a surge in imports.

The Brazilian Steel Institute (IABr) is at the forefront of these predictions, citing concerns over global market uncertainty, especially in the context of the Chinese economy. This economic landscape is significantly influencing strategic decisions among Brazilian companies as they brace for potential challenges in 2024.

In response to the growing threat posed by increased imports, the steel industry is actively seeking governmental support. The industry is urging the implementation of a crucial protective measure—a proposed 25% tax on Chinese steel imports. Stakeholders emphasize the urgency of approving this measure before the year's end, with a targeted implementation in the first quarter of 2024. This move is deemed essential to safeguard the national steel industry and bolster its resilience amid evolving global economic conditions.

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