Tax rebate cuts to diminish Chinese steel exports in 2015, says CISA-Shanghai Metals Market

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Tax rebate cuts to diminish Chinese steel exports in 2015, says CISA

Industry News 11:22:47AM Oct 09, 2014 Source:SMM

Author: Paul Ploumis
08 Oct 2014 Last updated at 03:23:42 GMT
BEIJING (Scrap Monster): The China Iron and Steel Association (CISA) foresee the country's steel output in 2015 to maintain similar levels as in 2014. However, the steel exports by the country may reduce considerably following the cancellation of export incentives such as tax rebates by the government.

Speaking at Worldsteel Conference in Moscow, Chi Jingdong, Deputy Secretary General, CISA noted that the country is likely to produce 830 million tons of steel this year. The production levels are most likely to remain at these levels next year too. However, the country plans to reduce the steel exports by means of regulatory measures introduced by the government to abolish tax rebates on exports of certain steel products. The Association also noted that steel overcapacity issues cannot be solved by boosted exports.

According to data released recently by CISA, the country's cumulative crude steel output during the initial eight months of the year totaled 550 million tons, up 2.6% year-on-year. The finished steel output by 86 member mills of CISA totaled 742 million tons, up 5.4% when compared with the corresponding eight-month period last year.

Meantime, Chinese steel exports surged 35% over the year to 56.83 million tons during January to August this year.
 

Tax rebate cuts to diminish Chinese steel exports in 2015, says CISA

Industry News 11:22:47AM Oct 09, 2014 Source:SMM

Author: Paul Ploumis
08 Oct 2014 Last updated at 03:23:42 GMT
BEIJING (Scrap Monster): The China Iron and Steel Association (CISA) foresee the country's steel output in 2015 to maintain similar levels as in 2014. However, the steel exports by the country may reduce considerably following the cancellation of export incentives such as tax rebates by the government.

Speaking at Worldsteel Conference in Moscow, Chi Jingdong, Deputy Secretary General, CISA noted that the country is likely to produce 830 million tons of steel this year. The production levels are most likely to remain at these levels next year too. However, the country plans to reduce the steel exports by means of regulatory measures introduced by the government to abolish tax rebates on exports of certain steel products. The Association also noted that steel overcapacity issues cannot be solved by boosted exports.

According to data released recently by CISA, the country's cumulative crude steel output during the initial eight months of the year totaled 550 million tons, up 2.6% year-on-year. The finished steel output by 86 member mills of CISA totaled 742 million tons, up 5.4% when compared with the corresponding eight-month period last year.

Meantime, Chinese steel exports surged 35% over the year to 56.83 million tons during January to August this year.