Brazilian Association of Machinery and Equipment (Abimaq) plans to promote steel imports in a bid to counteract rising domestic prices of the metal.
José Velloso, president of Abimaq reiterated in an online press conference on Friday that each of its associates will buy their own steel and not as a group. The association also plans to provide import advice to companies that require it.
Abimaq’s announcement comes in response to rising prices, such as that of flat steel, which has accumulated increases of up to 52pc so far this year. Similarly, the Brazilian National Steel Company announced two 7.5pc price increases, the first in June and the second in July in 2021.