Brazilian construction group laments soaring steel prices, requests lower import duties

The Brazilian chamber of construction industry, CBIC, has requested the federal government to reduce steel import duties amid tight supply and soaring prices.

It made this request at a meeting between main industry groups that form part of the steel value chain in Brazil and representatives of the country's economy ministry, which discussed the current supply situation, on Tuesday March 23.
The event was overseen by the ministry's productivity, labor and competitiveness secretariat.
Importers in Brazil pay a 12% duty on steel, and 14% in the case of Chinese hot-rolled coil.
CBIC took the lead in making the request for lower duties to mitigate the effects of what it considers to be a steel shortage in the country. The association is worried that the imbalance between supply and demand will drag on for too long and result in domestic steel prices rising further.

Fastmarkets' latest price assessment for steel hot-rolled coil domestic, monthly, exw Brazil was 5,848-5,858 Reais ($1,053-1,055) per tonne on March 12. This is the highest that prices have...

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