Brazil

As of Friday, the U.S. designated Brazil's largest criminal groups as "Foreign Terrorist Organizations" (FTOs). This is likely to increase risks and costs of doing business in Brazil where gangs are well-established. Comando Vermelho (CV), and Primeiro Comando da Capital, both of the 'biggest Brazilian crime gangs, began in prisons during the 1970s. Since then, they have grown to dominate drug trafficking in South America and their money laundering operations have spread into the far corners of Brazil’s mainstream economy. Investigators have recently discovered that both groups are deeply embedded in sectors like fuel distribution, real-estate and finance. They also...

In a Sunday statement, Brazil's state oil company,?Petrobras?, announced that it would lower the diesel price to distributors starting June 1 by 0.3515 Reais per liter. This follows an announcement from the Brazilian government regarding a cashback program for producers and importers. Petrobras said that the average price it charges distributors for a liter of gasoline will drop to $3.30 ($0.6552) from $3.65 previously. The Brazilian 'government' announced on Saturday a new cashback scheme for diesel producers and importers of 0.35 Reais per liter. This system is also scheduled to begin in June?1. It will compensate for the ending of...

Brazil's federation tax revenues surged in April according to a report released on Thursday. The increase was attributed to higher oleo-related receipts, as the elevated oleo-price linked to the U.S./Israel war against Iran lifted government intake. Total revenue was 278.823 reais ($55.86billion), an increase of 7.82% over a year ago in real terms. This is a record month and follows a pattern that has been repeated in "every month" this year. The federal'revenue service' grew tax revenue by 7.31 percent in real terms during April. Meanwhile, receipts from?other agencies -- mainly oil royalties -- jumped by 14.89 percent. Latin America's...

Two sources familiar with the investigation said that the Brazilian federal police had targeted the former governor of Rio de Janeiro, Claudio Castro, and the owner Refit Refinery Ricardo Magro as part of an investigation into alleged tax evasion. Castro and Magro did not immediately respond to a request for comment from. The police, without naming any suspects, said that they had launched an investigation into a conglomerate in the fuel industry suspected of concealing assets, faking assets and transferring money abroad. According to a statement, the Supreme Court ordered that assets worth approximately 52 billion Reis ($10.4 Billion) be...

In a filing on Monday, Brazil's state-run Petrobras said that it had missed market expectations in its?first quarter net profit. The?impact? of higher oil prices due to the Middle East conflict has yet to be reflected in the results. Petrobras reported a net loss of approximately 32.7 billion reals ($6.68 billion) - down 7.2% compared to a year earlier. In a separate filing, the company approved a dividend payout of 9 billion reals to its shareholders. The company stated that the increase in oil prices following the U.S. - Israel conflict with Iran, which began in late February, would only...

Compass Gas e Energia SA is set to launch its initial 'public offering' on a Thursday, ending a nearly 5-year IPO stalemate on Brazil’s B3 Stock Exchange due to high interest rates. According to two sources familiar with the transaction, the offering of 89.3 millions shares by the existing shareholders of the gas distributor could generate around 3 billion Brazilian reais (about 600 million dollars). One person said that by early afternoon on Thursday, the orders had nearly tripled the size of the initial?offering. The second source said that despite the high demand, pricing may be at the lower end,...

Brazil's trade surplus in April jumped 37.5% from a year earlier to $10.5 billion. This was a record for that month. The government revealed the data on Thursday. It was boosted by the strong shipments of important commodities such as soybeans, crude oils, iron ore, and beef. However, the result was lower than the median estimate of $10.9 billion in an economist's poll. According to the Ministry of Development, Industry, Trade and Services, exports increased?14.3% compared to a year ago, to $34.1 billion. Exports rose by 18.8% in value, with soybeans, crude oils, iron ore, and beef all increasing by...

According to four sources 'close to the matter,' Brazil's state run?oil firm Petrobras will have a stronger voice in the operations of Braskem following a management revamp?by its controlling shareholder. Braskem shareholders elected a new Board of Directors on Wednesday, which included Petrobras CEO Magda Chambriard in the role of chair. The board also includes seats for Braskem's director of industrial process and chief financial officer. Helcio Brandao, Braskem's CFO and other executives will be nominated by IG4 Capital. The firm acquired a controlling interest in the engineering group Novonor. Six anonymous sources confirmed that Petrobras will name four Braskem...

Jose Guimaraes, Minister of Institutional Relations, said that Brazil will take new measures in the next few days to reduce the economic impact of the U.S.-Israeli conflict on Iran. This includes steps to lower gasoline prices. Guimaraes told reporters in Brasilia that the package is still being finalized. He also confirmed that the Finance Ministry officials are reviewing fuel prices. He said that the government was working on a scenario where there could be 'up to two months worth of conflict. However, it is still uncertain what impact this will have on the economy. SEVEN-DAY WORKWEEK Guimaraes said that the...

Brazilian pulp giant Suzano announced on Friday that toilet paper, tissue and diaper prices will increase globally as companies try to cover higher transportation and 'chemical' costs if the U.S. and Israeli war against Iran continues. Suzano is the largest producer of pulp in the world, with a market capitalization of more than $60 billion. This pulp is used to manufacture Kimberly-Clark Cottonelle toilet papers, Kleenex tissues and sanitary products, as well as diapers, cardboard packaging, and other everyday items. The Iran War has caused a spike in oil prices, which have increased Suzano’s costs for shipping, trucking and rail....

Petrobras, Brazil's state-owned oil company, announced on Thursday that it has changed its fuel supply strategy. It will now?offer more fuel to distributors for April deliveries. Petrobras announced that it would supply 70 million liters more of S10 diesel next month and 95 million liters more of gasoline. The extra volumes will be delivered via existing contracts, rather than through diesel and gasoline auctions. Sources said that the change will result in fuel being sold at a lower price than if it was auctioned, and this is helping to keep domestic prices under control despite a recent spike triggered by...

Petrobras, the state-owned oil company in Brazil, will increase the price of diesel sold by distributors by 0.38 reais (US$0.0725) per liter starting 'March 14th. The decision comes in the wake of the recent increase in oil prices caused by the U.S./Israeli conflict in Iran. This spike has widened the gap between Petrobras local diesel prices, and international benchmarks in recent days to a record high. Distributors were reluctant to sell to Petrobras because they feared they'd have to resupply the product at higher prices. According to the company, the average price of diesel that the oil giant charges distributors...

The disparity between China's low steel production and its robust imports of?iron ore is still evident, but it is now starting to appear as a structural shift instead of a temporary dislocation. China, which accounts for just over half the world's total steel production, produced 86.63 metric tons of steel in April. This is a 2.8% drop from the same period in 2025 and the lowest April figure since 2018. Steel production for the first four months of the year was 331.12 millions tons, down 4.1% from last year's same period. According to official statistics, however, iron ore exports increased...

Brazil is expecting to raise $50 billion reais (9.92 billion dollars) in what will be its most ambitious auction 'yet, under the Eco Invest Program, which is focused on 'developing advanced sustainable technology -in strategic sectors. The fifth auction announced on Monday, and the last one under the current administration will continue to leverage private investments with public funds from Climate Fund. Ceron stated that Brazil was preparing to?do a roadshow? in the U.S.A., Europe, and China, seeking foreign capital. The funds will be allocated to six areas, including: sustainable fuels, battery systems and artificial intelligence for production, green chemistry...

Two 'people who are familiar with the matter' said this week that Brazilian steelmaker CSN had received non-binding offers for its cement division by Friday. The deadline was set to pursue divestment. CSN appointed Morgan Stanley to be its financial advisor for the sale. The?divestment' is part of a larger strategy to reduce debt. In April, it was reported that the cement unit could be worth more than 10 billion reais (2 billion dollars). The identity of the bidders was not known. The article in April found that both local and foreign players were interested, including Brazil's Votorantim?and J&F which...

In a press release, Brazilian labor inspectors fined Sigma Lithium after they found that the company had deposited waste into a pile which was closed because it posed a "grave" and "imminent" risk to workers and local residents. Inspectors discovered that despite three Sigma waste piles being closed last December, trucks continued to deposit waste on one of them. Sigma did not respond immediately to a comment request. The largest lithium producer in Brazil announced that it would resume mining at its flagship Grota do Cirilo Mine despite the piles having been shut down. When the piles closed late last...

The London Court of Appeal has ruled that BHP can't appeal against the UK ruling that found it liable for the 2015 collapse of a dam in southeastern Brazil. In November, London's High Court ruled BHP was legally responsible for the collapse of the Fundao dam in Mariana, southeastern Brazil, ?which was owned and operated by Samarco, a joint venture ?between Australia-headquartered BHP and Brazilian company Vale. Brazil's worst ecological disaster unleashed a toxic sludge wave that left 19 dead, thousands homeless, inundated?forests, and polluted?the length of the Doce River. The High Court refused BHP permission to appeal the ruling...

Vale, a major iron ore producer in the world, posted a 36% increase to its?first-quarter 'net profit,' as it increased?sales volume and enjoyed higher prices. However, this was below market expectations. Rio de Janeiro's Vale reported a net profit of $1.89 billion for the period January-March, which was below the $2.05 million predicted by LSEG analysts. The company reported a?quarterly adjusted earning before interest, tax, depreciation, and amortization (EBITDA), of $3.83billion, an increase of 23% over the same period last year. Analysts predicted that this figure would be higher, at $3.96billion. In the Vale earnings report, Vale CEO Gustavo Pimenta...

Brazil's planned critical minerals rules don't involve new?tax?breaks. Finance Minister Dario Dario Durigan stated on Friday that the goal was to ensure national sovereignty and increase value through domestic processing. Durigan, the new minister who assumed responsibility last month, said from his office that the auction of Eco Invest, which offers blended financing to attract foreign investment, will prioritize critical minerals. Brazil is a small producer but has vast reserves of vital minerals for high-tech industries. The U.S. wants to integrate Brazilian miners into its supply chain to counterbalance China's dominance in the industry. Durigan stated that large fiscal incentives...

According to a presentation on the deal, Brazilian rare earth miner Serra Verde will receive price floors for four of the rare earths as part of a 15-year contract with the U.S. government and private investors. Some critics have suggested that price floors, designed to equalize the playing field between China and other dominant producers of rare earths, could distort the markets. China produces 90% of the world's rare earths. The U.S. and Europe are also racing to develop their own domestic rare earths industries, which are vital for applications in electronics, defence, and energy transition. As part of an...

USA Rare Earth announced on Monday that it would acquire Brazilian 'rare earths' miner Serra Verde, for $2.8 billion, in cash and shares. This is another step in the company's broader strategy to create a unified operation encompassing mining, processing, and magnet -making. A statement stated that the U.S. firm will pay $300 in cash for the transaction and 126.9 in newly-issued shares. The deal is expected to be completed in the third quarter 2026. Serra Verde said it also entered into a 15 year agreement on Monday to supply 100% its production in the initial phase of the mine...

According to two people with knowledge of the matter, Brazilian steelmaker CSN wants to sell its cement unit for over 10 billion Reais ($2 bn). Talks are underway with local and international players including Brazil's Votorantim, J&F S.A. (which also controls JBS), and Chinese companies Anhui Conch Cement and Huaxin Cement. Huaxin Cement acquired a Brazilian firm in 2024. Sinoma International is also involved. Valor Economico, a Brazilian newspaper, reported on the interest of these Chinese groups earlier that day and was independently confirmed by. CSN, Votorantim and J&F refused to comment. Anhui Conch Huaxin and Sinoma have not responded...

The head of Brazil's mining regulator said that he expected a national policy on critical minerals to be announced within two to three months. He also added that the proposal to create a state-owned firm for rare earths is not a government initiative. Mauro Sousa (Director-General of Brazil's National Mining Agency, ANM) told a news conference that the 13 bills before Congress address rare earths and essential minerals. Recently, lawmakers have introduced new bills that propose the creation of an entity supported by the state, dubbed Terrabras. The mining industry association Ibram has reacted against this idea. LIMITED RIFFINING CAPACITY...

Analysts and industry executives say that India's imports, which are a vital?raw material for steelmaking?, will reach a seven-year high in the fiscal year ending March 31. This is due to a shortage of ore of high quality and JSW Steel's demand. Analysts and trade officials have said that the total imports will likely reach 12 to 14 million tons in 2025-2026, which is more than double what they were a year ago. JSW Steel, India's biggest ?steelmaker by capacity, was a key driver of iron ore imports for its mills in the western state of Maharashtra ?and the southern...