Major Chinese steel producer Baosteel's heavy plate mill succeeded in completing a 70,000 mt heavy plate export contract half a month ahead of schedule, before China's new export rebate policy took effect on July 15, thereby saving Baosteel RMB 32 million.
The export contract was initially scheduled to be completed at the end of July. In June, China announced that starting from July 15 the steel export rebate would be cancelled for certain products, affecting the export contract in question. Staff at two production lines in Baosteel's heavy plate mill accelerated production, ensuring timely completion. On July 12, the heavy plate mill completed the supply contract.