SHANGHAI, Aug. 7 (SMM) – The China Iron and Steel Industry Association (CISA) has been lobbying Chinese authorities to roll out incentives to boost the country’s steel exports.
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The proposals made by the CISA include removal of 15% export duty on steel wire rod products.
Customs data showed exports of steel rod fell more than any other types of steel products since mid-2016. China’s steel rod exports were 665,100 tonnes in June, down 81.9% year-on-year, and totaled 5.93 million tonnes in H1, down 66.82% year-on-year.
Even if export duty is abolished immediately, steel exports will get limited boost in the short term, SMM understands. This is because positive domestic demand and high domestic profit mean companies will prefer domestic sales than exports, SMM explained.
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