The ministry of economy of Argentina announced the modification of procedures that consumers of steel products must follow if they want to import such products.
Such measures are dedicated chiefly to companies that import steel products to produce items that will be exported.
According to the ministry, imports of steel products require a plethora of procedures, considered as non-tax barriers, that result in Argentina having one of the highest domestic average steel prices in the world today.
The ministry quoted local HRC prices at $1,600 mt against $1,060/mt in the rest of Latin America, around $700/mt in Asia and Europe, and $1,285/mt in the US.
For rebars, the ministry mentioned the local price in the $1,600/mt - $2,200/mt range against $1,200/mt in Brazil and $850/mt in the US.
With the reduction of the bureaucratic measures, it is estimated that 31 percent of the Argentine steel imports will be free from customs intervention, for the benefit of 5,000 companies, including the sectors of civil construction, production of vehicles and auto parts, metallurgy, and domestic appliances.
In 2023, Argentina imported 568,000 mt of steel products.