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Bolsonaro Could Act on Steel Tariffs as Soon as Today

BRAZIL
  • Infitting with reports earlier in the week, the Brazilian government are considering cutting import tax rates on steel rebar (to 4% from 10.8% previously), according to the chairman of the Aco Brasil Institute. The tax cut would be a temporary measure to cool pricing pressures, and would run from June to December of this year and will be confirmed or ruled out at some point today. The steel industry have argued against the move, saying it would expose Brazil to shifts in global trade, and that Brazilian steel rebar is already among the cheapest in the world.
  • Bloomberg today write that Brazilian CFOs are betting that the BRL rally is over. They write that some of the most cash-flush companies in Brazil are buying back bonds on international markets, signalling that they may see the current rate as the top in the market.
  • The latest polling figures show Bolsonaro Closing On Lula: A CNT/NDA poll published Tuesday shows that former president Luiz Inácio Lula da Silva's lead over incumbent Jair Bolsonaro is tightening ahead of the Brazilian presidential elections on October 2. According to the CNT/NDA poll, the second round would go to Lula 58%-42%. Separately, a PoderData poll projected that the second round between Lula and Bolsonaro would fall to Lula 50.8%-36.8%.
  • Lastly, in the latest sign of discomfort with the ongoing fuel price rises, Bolsonaro has replaced his energy minister after Petrobras snubbed a request to keep diesel and fuel prices unchanged. Albuquerque, the former energy minister, is to be replaced by Sachsida, an advisor to the economy minister Guedes.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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