As the latest statistics indicate, in the first half of the current year China exported 23.58 million mt of steel, increasing by 152.3 percent year on year. Since March, the country's steel exports have indicated rapid growth. In June, the monthly export volume reached 5.62 million mt, up 13.8 percent year on year.
However, effective as of July 15, tax rebates have been removed for 48 categories of steel products exported from China, including all hot rolled coils, some cold rolled coils and plates and a few steel section products. As expressed by the China Iron and Steel Association (CISA), the rebate cancellation policy is meant to discourage exports of low value-added steel products by domestic steel producers. As a result of the new policy, Chinese steel exports are expected to decline in the second half of the current year. Recent trade measures by other countries are also expected to contribute to this decline.