According to the Brazilian Steel Institute IABr, steel production in the country is expected to fall by 3% in 2023, reaching around 30.4 million tons. Meanwhile, steel sales in the domestic market are projected to decline by 6% to approximately 18 million tons, due to an increase in imports.

Uncertainty in the global market, especially related to the Chinese economy, is a crucial factor that will influence the strategic decisions of Brazilian companies in 2024. Steel imports from China are expected to lead the increase, generating concerns about the competitiveness of Brazilian steelmakers.

For this reason, the Brazilian steel industry asked the government to implement a 25% tax against steel imports from China, given that it is a crucial measure for the national industry and should be approved before the end of the year and implemented in the first quarter of 2024.