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CISA calls for further adjustment of steel export rebate

According the statistics of Customs, China''s integrative crude steel export posted at 5.4667 million tonnes in the Q1 of 2009 down by 6.7262 million tonnes or 55.16%YoY from the same time last year.

Mr Luo Binsheng the deputy secretary general of China Iron & Steel Association said the crude steel export took only 4.29% of the total output far lower than the 8% target set in the industry''s revitalization plan. He said that "Steel export rebate should be revised up to a level where exportation is sufficiently profitable."

Mr Binsheng said a bulk of low-price international HRC, silicon sheet have flooded into Chinese market due to the currencies fluctuations as well as other factors impacting the domestic market heavily. In March, China became a steel net import country for the first time since 2004.

Mr Binsheng also advises government to foster a fair taxation environment for domestic steel mills. Currently, domestic traders pay no tax for steel importing, while they need to pay certain amount of tax for steel they purchased in domestic market. He said that "Apparently, this is not in the favor of the development of domestic steel mills."

To some extent, China''s steel export duty policy is to constrict the export of high-pollution, high energy consumption and high-resource-demand products. However, against the current global financial crisis, China''s export environment has undergone a serious change, the export constriction on longs and HRC no more suits the situation, therefore the further export rebate adjustment for CR sheet and other products should be taken accordingly.

May 3, 2009 12:00
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