China steel export tax change short of market expectation

China’s announcement on July 29 to cancel export tax rebates on 23 steel products as well as raising export taxes on high-purity pig iron and ferrochrome, all effective on August 1, though just three months after the last round of adjustment, appears inadequate to the market sources, and many of them are still closely watching whether more policies will be rolled out soon.

Starting August 1, no steel products will be enjoying export tax rebates in China when exporting now that the last batch of 23 steel products including cold-rolled coil (CRC) and galvanized steel (GI) - have been removed from the list following the cancellation of such rebates on 146 steel products.