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Steel Export Tax Rebate May be cut to 9% or Cancelled

Feb. 23, 2021

Steel Export Tax Rebate May be cut to 9% or Cancelled

According to relevant reports, the Asian steel market has been talking about the possibility of China cutting the steel export tax rebate from the current 13% to 9%, or abolishing it altogether. Since the end of January, the industry has revealed more and more details.

A dealer said that this may be in line with the direction of the central government's policy of reducing steel production capacity. Reducing the export tax rebate will force steel mills to rely more on the domestic market rather than increase production to meet the overseas market.

Analysts believe that whether it is down or canceled, the impact is not small, all steel prices are bound to rise. This means that the domestic steel mills will no longer be the main players in the overseas market, and the export market will empty the supply gap, which will boost the spot price.

This is indeed good news for global steel mills, because China's steel products are no longer the cheapest, which greatly reduces the pressure of price competition in Asia Pacific neighboring countries, including Japan, South Korea, India and Vietnam.

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