Brazilian government has reduced the import tax on steel rebar to 4% from 10.8%. Brazil’s Economy Ministry’s Foreign Trade Chamber’s Executive Secretary Ms Ana Paula Repezza told a news conference the move is technical and rejected the suggestion that it was designed to reduce inflationary pressures amid a surge in consumer prices to 12.1% in the 12 months through April.Ms Repezza added that “A reduction for other categories of steel products is not yet under review as we have not yet received claims for other products.”Brazil has been facing persistent double-digit inflation, with the commodity shock exacerbated by the Ukraine war weighing on prospects. Adding to pressures, state-run oil company Petrobras has raised diesel prices by 8.9%.
Brazilian government has reduced the import tax on steel rebar to 4% from 10.8%. Brazil’s Economy Ministry’s Foreign Trade Chamber’s Executive Secretary Ms Ana Paula Repezza told a news conference the move is technical and rejected the suggestion that it was designed to reduce inflationary pressures amid a surge in consumer prices to 12.1% in the 12 months through April.Ms Repezza added that “A reduction for other categories of steel products is not yet under review as we have not yet received claims for other products.”Brazil has been facing persistent double-digit inflation, with the commodity shock exacerbated by the Ukraine war weighing on prospects. Adding to pressures, state-run oil company Petrobras has raised diesel prices by 8.9%.