Mexico plans to tighten import of on steel products
The proposals would see importers required to give prior notice to the ministry if they plan to import 113 types of steel and steel products, Mr. Quesada said on the sidelines of Canacero's third Mexican steel industry conference in Mexico City.
Under the rules, importers will need to provide information about where the imports are coming from and at what prices, in an effort to prevent illegal trade practices such as triangulation, dumping or false classification of products.
The products covered range from basic steel products to intermediates and finished products, and covers imports from all countries including those with which Mexico has existing trade agreements. The ministry will have 48 hours to approve or reject the imports.
Mr. Quesada said that the rules will be overseen by the economy ministry and Mexico's tax administration service, with companies that breach import regulations facing possible fines. ■