China considering imposing impose export duties on steel products

It was reported that China is considering imposing export duties on steel exports, including hot-rolled steel coils, with a duty ranging from 10% to 25%, in order to well limit domestic production and curb surging prices. 

China has canceled export tax rebates and raised tariffs on some steel products since May. It was understood that the new measure this time will focus on some products that haven’t been affected before. This new measure was expected to be implemented as soon as this quarter, subject to the final decision. 

According to market participants, with such high export duty rates, it was expected that most steel exports will be greatly affected, especially the possible expansion of the supply gap in Asia.