Brazil's finance minister Joaquim Levy said Wednesday that the country is considering raising import tariffs for steel goods, in order to protect the local industry.
The comment was made after an Economic Affairs Committee (CAE) of the Senate public hearing.
Levy did not elaborate on which specific products would be subject to the new tariffs or the targeted rates.
Local market participants were positive about the minister's comment. One source noted that "this is a current request from local producers," and added that "[the government] has been very sensitive to it."
Another executive said this decision is very likely to happen in the short run. "If the decision [for the increase] is made, it will be immediately," he said, adding that it may happen within 2015.
In September 2012, Brazil raised import tariffs for 100 products, including steel, from around 14% to 25% for some steel products, including some flats and longs. It was valid for one year. After the period ended, these tariffs were cut back.
Brazilian imports of steel goods in January-October reached 3 million mt, compared to 3.47 million mt in the year-ago period, and 3.98 million mt in full 2014, according to data from the Brazilian steel association, Aco Brasil.
