Brazil: Stainless steel import tax will be reduced from 14% to 12.6%

The Ministry of Economy and Foreign Affairs of Brazil stated in a joint statement on November 5 that the Brazilian Federal Government has decided to reduce the stainless steel import tax imposed on most materials under its tariff system by 10%.

In these reforms, tariffs on most flat and long steel products will be reduced from the current 12% to 10.8%. Stainless steel import tax will fall from 14% to 12.6%, and aluminum ingots and billets will face a tariff of 5.4%, which is less than 6%.

These changes will affect more than 87% of goods subject to the tariff system.

this is nothing. There is almost no difference. ”

A trader based in Brazil said.
Another Brazilian trader source said:

I don’t think any new business has emerged as a result, but at least from a psychological point of view, this is good news. ”

But a source at the Brazilian Mill said:

This is terrible news. ”

These reforms will continue until December 31, 2022.