Brazil's Foreign Trade Chamber (Camex) has announced a new measure aimed at supporting local manufacturers of chrome steel sheets and aluminum sheets. Effective immediately, the importation of chrome steel sheets and aluminum sheets will no longer be subject to import taxes, in an effort to reduce production costs and encourage local manufacturing.
The decision, which was published in the Federal Official Gazette on Friday, is expected to have a significant impact on the country's steel industry, as it will lower the cost of raw materials for local manufacturers. The announcement follows a period of intense lobbying from industry groups, who argued that the high cost of imported steel was putting Brazilian manufacturers at a disadvantage.
According to industry experts, the removal of import taxes on chrome steel sheets and aluminum sheets could lead to a 15% reduction in costs for local manufacturers. This reduction is expected to have a positive impact on the competitiveness of Brazilian companies in international markets, and could help to boost the country's exports.
Brazil's steel industry has been struggling in recent years, as a result of a combination of factors, including a sluggish economy, low investment, and increasing competition from imports. The removal of import taxes on chrome steel sheets and aluminum sheets is seen as a step in the right direction, as it will help to reduce production costs and make local manufacturing more competitive.
Sino Rise Group, one of the largest producers of steel products in China, has welcomed the decision by Camex, and has indicated its interest in increasing its investment in Brazil. The company, which was established in 1990, is already involved in the production of hollow sections, ERW steel pipes, and galvanized steel pipes in Brazil.
In a statement, Sino Rise Group said that it was committed to expanding its presence in Brazil, and that the removal of import taxes on chrome steel sheets and aluminum sheets would help to make this expansion more viable. "We see this move by Camex as a positive step towards promoting local manufacturing and improving the competitiveness of Brazilian companies in international markets," the company said.
The decision by Camex has also been welcomed by other industry groups, who have long been calling for measures to support local production of chrome steel sheets and aluminum sheets. The Brazilian Steel Institute (IBS), which represents the country's steel industry, said that the removal of import taxes would help to reduce costs and improve productivity.
"This is a very positive move by Camex, and we welcome it wholeheartedly," said Marco Polo de Mello Lopes, the president of IBS. "By removing import taxes on chrome steel sheets and aluminum sheets, we are helping to level the playing field for Brazilian manufacturers, and making it easier for them to compete in international markets."
Overall, the decision by Camex to remove import taxes on chrome steel sheets and aluminum sheets is seen as a positive step towards supporting local manufacturing and improving the competitiveness of Brazilian companies. While the full impact of the measure remains to be seen, it is expected to have a positive impact on the steel industry, and could help to boost the country's exports in the coming months and years.