UPDATE: Brazil hikes import duties on key steel products to 25%

Brazil’s Executive Committee of the Foreign Trade Chamber (GECEX), the country’s trade case watchdog, has decided to raise import tariffs on a range of steel products, including grain-oriented electrical steel (Mercosur Common Nomenclature code 7225.11.00) and hot-rolled pickled steel (NCM codes 7208.26.90 and 7208.27.90).

According to an announcement issued on Friday by China's Ministry of Commerce (MoC), a resolution taken by GECEX on Tuesday saw the import duty on grain-oriented electrical steel from all sources increase from 12.6% to 25%, and the duty on hot-rolled pickled steel rising from 10.8% to 25%. The tariff increases