Brazil plans to promote steel exports to Europe

Brazil is slated to stimulate exports of steel products to the European market, as the United States has approved anti-dumping measures on imports of cold rolled steel sheets from Brazil. The United States no longer suits Brazil as a major export market, so steel mills will move to other overseas markets such as Europe.

Brazil's cold rolled steel exports increased 89 percent MoM in June, with the average price falling 28 percent to $ 477 /t FOB, according to the latest data from the Ministry of Industry Development and Foreign Trade. In addition, market participants noted that they no longer export these steel products to the United States market, but some Brazilian factories still sell their products at low prices to the United States as Brazil's exports have multiple destinations.