Brazil's Chamber of Commerce to cancel preferential tariffs on steel imports and aluminum products

Brazil's Chamber of Foreign Trade (Camex) will cancel the preferential duty rate on steel imports as of September 30. The government had reduced the duty by 9.6-10.8% in May 2022 in an effort to lower prices in the local steel market and slow inflation.

The rate was initially in effect until December 31, 2023, but was postponed after local steel companies demanded a return to the previous rate.

The tax rate will return to the previous values of 9.6-12.8% for hot-rolled and cold-rolled flat products, galvanized steel, coated steel, stainless steel long products, wire rod and tubes.

Brazil will also eliminate its preferential import duty on aluminum products on September 30, having reduced it to 4.8-5.4% in May 2022.