China may increase export tax rebates on steel

China is considering increasing export tax rebates on certain steel products to help the industry, which is one of the worst hit by the growing international financial turmoil.

Minister of Industry and Information Technology Li Yizhong today told a press conference that the ministry is considering encouraging exports of high-end steel products by increasing export tax rebates. However, the ministry will continue limiting exports of high energy-intensive steel products.

At the same time, the government will also help steel enterprises upgrade technologies with discounted loans next year. China's steel makers are suffering both from high prices for raw materials and from falling product prices.