Free Chinese Lesson - Export tax rebate on steel billet abolished

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Export tax rebate on steel billet abolished

www.chinanews.cn 2005-04-04 11:29:28

Chinnews, Apr. 3 - China has nullified a 13% export tax rebates on steel
billet from April 1st. Insiders believe that this measure will slow down
China's large volume of iron ore imports.
China has seen rapid growth of its steel and iron output in recent years,
increasing import dependency on ore sharply, up to 50%.
On Mar. 28th, Nippon Steel Corporation, a Japanese steel giant, signed a
supply deal with world's largest iron ore supplier, Brazil CVRD, which
included a 71.5% hike in ore prices. Baosteel Group, representative of
China's steel plants to the negotiation, was forced to accept this bad
news. Insiders predict that these price hikes will cost the development
of China's steel industry another RMB.3 billion, and domestic iron ore
will undoubtedly see great demand.
Experts believe that the significant effect of the export rebate
exemption will be to alleviate the tight domestic supply of iron ore,
thus restricting large-scale domestic import to some extent. Most of this
iron ore is exported to foreign countries as low-end products after a
process of high energy consuming and polluting manufacture.

          ��China reacts to skyrocketing iron ore prices (2005-04-01)
          ��Iron ore price hikes (2005-03-24)
          ��Steel makers to suffer heavy losses (2005-03-25)
          ��No end in sight for steel price hikes (2005-03-23)
          ��Steel price hikes impact 500 listed companies (2005-03-04)
          ��Steel prices to rise sharply in China (2005-03-02)

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