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Brazil renews quota policy for import steel
Brazil renews quota policy for import steel
Sao Paulo, 29 May (Argus) — Brazil will extend its steel import quota regime for another 12 months from June, the foreign trade chamber Camex's executive management committee (Gecex) said on 28 May. Steel imports within the quota threshold will remain subject to reduced 10-16pc tariffs, while a 25pc duty applies to volumes exceeding the quota. The quotas cover 19 steel products across flat, long and tubular steel segments, regardless of origin. The foreign trade authority assigned individual quota volumes for each product based on historical import levels. Gecex will also increase quota volumes for four coated flat steel products by 15pc, it said. The adjustment aims to avoid double protection, as the products became subject to antidumping duties in February 2026. Brazil imposed AD duties on imports of cold-rolled coil (CRC), hot-dipped galvanized (HDG) and other coated steel products from China earlier this year. Quota allocations will renew every four months through June 2027. Importers will be able to access lower tariffs on around 540,000 metric tonnes (t) of steel during each of the three periods. Steelmakers' association Instituto Aco Brasil requested that Gecex raise import tariffs to 35pc, which is the country's highest rate at the World Trade Organization (WTO). The group also proposed to eliminate the current quota system so the higher duty would apply to all imports. Gecex ultimately rejected the proposals, citing concerns that the measure could increase costs for downstream manufacturing sectors that consume steel products. The Brazilian quota regime was introduced in 2024 to curb rising steel imports and will now remain in effect for a third consecutive year. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US majors warn oil prices rise as stocks fall
US majors warn oil prices rise as stocks fall
New York, 29 May (Argus) — US oil majors warned that inventory drawdowns that cushioned supply disruptions from the conflict in the Middle East are reaching their limits, setting the stage for higher crude prices. Above-normal inventories at the start of the year, along with releases from strategic reserves and waivers on sanctioned oil, helped offset the impact of the effective closure of the strait of Hormuz, which accounts for about a fifth of global daily crude flows. "The ability for the market to absorb this imbalance is drastically diminished today versus where we started," Chevron chief executive officer Mike Wirth told the Bernstein Strategice Decisions Conference in New York this week. "Over the next few weeks, we're likely to see those pressures flow through more directly to physical prices and there's more upward pressure that I would expect as we get into June and certainly into July," he said. Such a scenario raises the prospect that even if a deal is reached to end the war with Iran and re-open the key oil chokepoint, higher oil prices could linger. "We're approaching unheard of inventory levels — I mean, really, really low levels," said ExxonMobil senior vice president Neil Chapman at the conference. "You can debate whether that's going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you'll see price shoot up." Oil prices have traded in a $90-$110/bl range during the period only because of efforts to run down inventories. "It can't last forever," Chapman cautioned. "Once you get to the minimum inventory levels and all-time low inventory levels, there's only one way to go." While the current energy crisis will likely prove short-term, Wirth said there could be long-term ramifications, though he added it was hard to predict what these could be. One immediate effect will be an effort to build up reserves to guard against similar crises in the future, which will support oil demand and push up prices. Billions of dollars will also need to be spent repairing damaged energy facilities across the Middle East, which could spur cost pressures in the industry. "That all tends to suggest the floor under prices is likely to be a little firmer and higher than otherwise would have been," Wirth said. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Ohio governor pauses data center tax breaks
Ohio governor pauses data center tax breaks
Houston, 29 May (Argus) — Ohio governor Mike DeWine (R) temporarily halted new data center tax exemptions after local media reports showed the incentives cost the state over $1bn in revenue last year . DeWine directed the tax credit authority to stop accepting new requests for exemptions while the legislature's Joint Data Center Committee examines the impact of data centers on local communities. The pause only applies to tax exemption requests and is not a ban on data center development, he said this week. The move is a reversal of sorts for the Republican governor who has been a supporter of data center investment and last year vetoed a legislative attempt to end the sales and use tax exemption, enacted in 2013. "What was estimated at $300 million in lost revenue is now $1.6 billion," state representative David Thomas (R) said on social media this week. "The legislature was not told of this cost until seeing it in the newspaper. I am strongly encouraging removing this sales tax exemption fully in Ohio Law." DeWine emphasized that data centers that have received tax exemptions reported more than $27bn in capital investment in Ohio last year. The tax credit pause comes as state and local governments in other high-growth markets take a more critical look at the rapid buildout of data centers. In neighboring Pennsylvania, governor Josh Shapiro (D) recently introduced Governor's Responsible Infrastructure Development (GRID) standards that tie tax incentives and fast-track permitting to stricter requirements on energy sourcing, grid costs and environmental performance. Opposition is also gaining strength in Texas, where counties and cities have moved to block or slow projects through moratoriums, zoning denials and new restrictions tied to water use and land use. The pushback, spanning both Republican- and Democratic-leaning areas, comes as regulators warn that data centers could drive electricity demand to more than quadruple in coming years. Ohio has the fifth-largest number of data centers in the country, with more than 200 facilities, according to the Office of the Ohio Consumers' Counsel. The rapid expansion has coincided with rising power costs, with Ohio households facing increases from 10-35pc last summer as regional grid operator, PJM Interconnection, paid dramatically more to secure future reserve capacity. By Jasmina Kelemen Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico fuel price caps strain supply nationwide
Mexico fuel price caps strain supply nationwide
Mexico City, 29 May (Argus) — Fuel price caps in Mexico are tightening supply conditions, as the government's voluntary scheme is pushing fuel retailers away from private marketers and toward the increasingly constrained supply of state-owned Pemex, market sources say. Mexico's fuel price cap, introduced in March 2025 to hold regular gasoline below Ps24/liter ($4.45/USG) and extended to diesel in early April 2026, hinges on coordination between the government, Pemex and retailers. Yet the policy is distorting competition between Pemex and private-sector fuel importers. To enforce the cap, Pemex has applied wholesale terminal pricing measures, including temporary nationwide rates that erased volume-based differences. While these steps have constrained pump prices despite rising global costs, private importers remain more exposed to international volatility. Private fuel importers struggle to match Pemex's artificially lower prices. But fuel retailers face mounting pressure to keep their gasoline and diesel prices below the caps. Consumer watchdog Profeco already visited fuel stations across the country and placed banners warning consumers not to buy fuel there if prices are deemed too high. Profeco is now conducting these visits together with environmental regulator Asea and the national guard, leading some fuel station operators to worry they could face closer scrutiny if their prices do not align with the cap, multiple retailers told Argus . This pressure has caused more fuel retailers to source cheaper Pemex products wherever possible, as many already have set supply contracts. Becausethis dynamic is [reshaping competition](http://direct.argusmedia.com/newsandanalysis/article/2827947) in the fuel market, Pemex increasingly struggles to organize supply for fuel retailers, market sources said. Pemex has said it has sufficient supply of gasoline and diesel available and urged calm. At times, the company has sent out communications telling retailers supply would be available at other terminals. This causes fuel retailers to face longer fuel delivery windows and elevated logistics costs, but the real problem is that Pemex's supply delays are persistent in some parts of the country, including the north and parts of central and western Mexico. While Pemex does eventually supply every fuel station, the delays have created rolling shortages for companies operating networks across multiple regions. This makes it difficult to keep selling fuel consistently without having to close a station occasionally, one retailer told Argus . Energy ministry data also point to lower inventories at Pemex and private storage terminals, with gasoline stocks slipping below 2025 levels and diesel falling even further. Supplies are particularly tight in central Mexico, reflecting how the price cap is coinciding with weaker fuel availability. By Cas Biekmann Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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