Brazil’s steel tariff hike may hurt ultramax bulker demand, brokers say

A higher tariff on imported steel from Brazil may lower demand for ultramax bulk carriers by discouraging China and South Korea from sending the commodity to the South American country, brokers said.

Brazil’s Ministry of Economy upped its tariff on imported steel from 15% to 25% for countries without a free trade agreement, effective from 16 August of this year to 31 July 2025, BRS Shipbrokers said in a report on Thursday.

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