Ministry of Finance of the People’s Republic of China has today announced cancellation of export tax rebates for certain steel products which shall be effective from 01 May ’21. The product list includes- hot rolled coil, cold rolled coil, galvanized steel etc. Majority of the mills had started factoring the rebate cut in the HRC export offers floated in the past one month in order to prevent from the losses, hence global prices have been on a constant increase. China’s steel exports stood at 53.6 mn t in CY ’20. Finished steel exports from China increased by 16% y-o-y to 7.5 mn t in Mar ’21, as per data released by General Administration of Customs, China.
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