Stainless Steel Me

China finally raises export rebates  after weeks of rumours Finally China will put tax rebates on exports of hot rolled coil and plate in a bid to revive the frozen export market, the ministry of finance finally announced today that it will increase the export tax rebate on HRC, plate, sections and some stainless and alloy steel from zero to 9%.

The new policy took effect from 1 June. Traders expects the 9% rebate will have limited effect on the export market, but it will make Chinese material at least workable again on the international market.

. Although prices around this level are still not acceptable to most foreign buyers, Chinese traders believe as the overseas export prices recently keep rising, they could soon get chances to begin  export again in small volumes.

However, some Chinese traders warn that, as the international prices are going up, those idled capacities at foreign steel mills will be restored, so it will still be difficult for Chinese materials to find buyers even with the 9% rebates.