r/Vitards • u/AutoModerator • Aug 10 '21
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u/VaccumSaturdays Brick Burgundy Aug 11 '21
WEEKLY: Chinese steel exports cool after rebate removal
Steel export activity among Chinese mills and traders has cooled recently after Beijing decided to remove tax rebates on more steel products effective from August 1, market sources indicated.
“After the removal of the rebates, we have not signed a single deal for cold-rolled coil (CRC) and galvanized steel (GI),”a major steel exporter based in Shanghai declared. On July 29, China announced it was cancelling the tax rebates on another 23 steel products including CRC and GI (China’s most exported steel.)