China to Cancel Export Rebates for Steel And Nonferrous Metals in Coming Years

Fan Jianping, director of the Department of Economic Forecasting at the Chinese State Information Center, has declared that China will cancel the export rebate for all steel and nonferrous metal products in the coming five and a half years.

The purpose of the cancellation is to restrict the output capacities of the industries in question. At the same time China may impose export tariffs on these products.

On June 22 last, the Chinese government announced its decision to remove the export rebates for certain steel products, effective as of July 15, 2010.

The products affected include hot rolled steel and profile steel, as well as cold rolled, hot dip galvanized and pre-painted galvanized iron strips of width less than 600 mm.