2018.02.2118:31:00UTC+00BRAZIL: Steel Prices Should Remain Stable In The Near Term, Says Inda

Steel prices in Brazil should remain stable in the near term, after the adjustments adopted by the country's steelmakers in January, said the chairman of the country's Institute of Steel Distributors (Inda), Carlos Loureiro.

Loureiro said that steel prices in China are steady due to a shorter credit supply in that country and believes that international prices should not react strongly to a potential United States decision regarding higher taxes on imported steel.

"What could happen is a price reduction by steelmakers that export plates to the United States so that they can export to other countries," Loureiro told reporters.

Last Friday, the U.S Department of Commerce suggested that the country's administration should impose a tariff of 24% on steel imported from all countries or a 53% tax to 12 countries, including Brazil, which mainly exports semi-finished steel, like plates, to the nation. Trump has until April to decide whether to take action.