In July this year, China exported 5.669 million mt of finished steel, up 35.8 percent year on year, while down 12.2 percent month on month - as announced by the Chinese customs authorities on August 7 - due to market players’ concerns regarding the possible cancellation of export tax rebates on steel exports.
As of May 1, China canceled export tax rebates on most major steel products groups, while as of August 1 China lifted the tax rebates for CRC and HDG, which will continue to exert a negative impact on steel exports in the near future. Moreover, there are still reports that China may impose export duty on HRC for 10 percent and above, and so this uncertainty will still limit trading in August at least.
In the January-July period this year, China exported 43.051 million mt of finished steel, increasing by 30.9 percent year on year, with a growth 0.7 percentage points faster than the increase recorded in the first six months this year.