Chinese customs have disclosed the steel import and export statistics for August. The figures indicate a sharp month on month decline. Despite the decrease, some sources have indicated that they are still expecting a change in the export policy.
According to the latest figures, Chinese finished steel exports decreased 560,000 mt from July to 5.38 million metric tons in August, totaling 45.08 million metric tons for the first eight months of the year. On the other hand, finished steel imports increased 70,000 mt from July to 1.46 million metric tons in August, totaling 11.55 million metric tons from January to August 2007.
Meanwhile, semi-finished steel exports also decreased sharply - by 560,000 metric tons from July to 340,000 metric tons in August; totaling 5.61 million metric tons for the first eight months of 2007. Semi-finished steel imports maintained the same level as in July with 10,000 metric tons, totaling 160,000 metric tons from January to August.
It was previously stated by the authorities that changes in the tax rebates on certain tubular products, cold rolled and plated sheet products and an increase in the export tax on HRC would in question if the August exports exceeded six million mts. However, given the above results, it is time now to wait and see if the government will still go ahead and carry out a revision of the duties in force.