Date: 2013-07-31

Export Rebate on Value Added Products Should be Increased according to CISA

As reported in a meeting held by Ministry of Industry and Information Technology of the People's Republic of China on August 28th, China Iron & Steel Association suggested Chinese government to hike export rebate of high value added steel products, standardize iron ore import market and support the development of domestic iron ore enterprises.

According to the news by MIIT, related associations and units reflect the situation of steel industry at the meeting as follows:

1. Steel output rockets up by a large amount. In detail, output of crude steel in July totaled 50.68 million tonnes up by 12.6%YoY and the daily output averaged at 1.635 million tonnes down by 0.8%MoM. While, output of crude steel during January to July accumulated at 0.32 billion tonnes increase of 2.9%YoY that is to say daily output during that time went at 1.497 million tonnes higher than the level of 1.368 million tonnes in 2008.

2. Both steel demand and price warmed up a little in terms of the price index of steel products in end July.

3. The price of construction grade steel products dropped dramatically. As known to all, spot price of rebar tumbled to CNY 3943 per tonne from the summit of CNY 4658 per tonne on August 5th of this year and that of HR sheet also declined to CNY 3773 per tonne form CNY 4332 per tonne.

CISA also suggested the government to promote imported iron ore agent system so as to unify iron ore import price on Chinese domestic market.

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