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China Unlikely to Lift Steel Product Export Taxes Further This Year
Source: Resource Investor, 20 Sep 2007
The Chinese government is unlikely to impose any further restrictive polices on steel product exports in the remaining months of this year, due to the success of the current policy in curbing steel product export growth, a senior China Iron and Steel Association (CISA) official told at the 2007 China Steel Export Summit held in Beijing today.
"The central government does not intend to release any further restrictive policies on steel product exports this year, as current export tax policies are recognized as effectively controlling steel product exports," Chen Ling, deputy director general of the CISA's Metallurgical Industry Economic Research and Development Center, said.
However, Chen also predicted that
The Chinese government levied a 5% to 10% export tax on a total of 83 types of steel products including wire, hot-rolled plate and steel section on 1 June this year, following the cancellation of export rebate taxes on the 83 types of steel product on 15 April. In addition, the export tax on steel billet, steel ingot and pig iron was increased from 10% to 15% on June 1.
"Although steel product exports were still at high levels in August, we've seen a noticeable fall in growth rates, and this is mainly a result of increased export taxes. Steel product exports are still increasing, and this is mainly due to global demand. However, we have to admit that China's steel production growth is currently outpacing growth in domestic demand, and moderate growth in exports will help solve the domestic oversupply problem and ensure the healthy development of the international market," Chen added.
Cai Jin, deputy secretary of the China Federation of Logistics and Purchasing commented that
However, Chen Kexin, senior economist from the Ministry of Commerce's
Chen also suggested that