The steel exports of China's Hebei Province halted their declining trend in September this year, instead recording a 148 percent month-on-month increase and achieving a total value of $390 million, according to the data issued by the provincial authorities.
On June 23 this year, the Chinese government announced the cancellation of the export tax rebates for certain steel products effective as of July 15. Under the influence of this adjustment, the steel exports of Hebei Province peaked at a volume of 725,000 mt in June, as many local exporters pushed forward the shipment dates for export orders ahead of the tax rebate cancellation. Thus, the total value of the province's steel exports in June reached $492 million. However, in both July and August, steel exports from Hebei Province declined significantly. In July the province's steel exports decreased in value by 36.4 percent month on month to $310 million, while in August a month-on-month decrease of 50 percent to just $157 million was observed.