SteelOrbis Shanghai
On June 19, the Ministry of Finance of the People's Republic of China issued an announcement to the effect that the export rebate for common carbon welded pipe products (except OCTG) will be cancelled and that the rebate rate for seamless steel pipe will be reduced from 13 to five percent, effective as of July 1, 2007.
Meanwhile, the Chinese authorities have also announced that they will reduce or cancel the export rebate for a number of other products.The policy change involves 2,831 commercial product items, accounting for 37 percent of the total customs tariff list. This adjustment will affect several kinds of steel products, and is thus likely to have a certain impact on China's steel consumption.