Brazil's chamber of foreign trade Camex cut the import duty on hot-rolled carbon steel heavy plates to 2% from 12%.

The measure will apply for 180 days on a maximum quota of 18,500t of the product, said the country's development, industry and trade ministry (MDIC).

The chamber also cut import duties on several capital goods such as industrial furnaces and gas compressors to 2% from 14-20%.

The new rate came into effect upon publication in the country's federal gazette, Diário Oficial da União, on Monday and will remain in force until December 31, 2015.

Camex also reduced import taxes from 6-14% to 2% on seven ICT products.