China continue to apply steel export restraints

12/12/2007 12:00 - 999 Views

According to the National Development and Renovation Committee of China, China government will continue to apply new measures to restrain the export of steel, in an effort to enhance the efficiency in using energy and limiting the emersion of polluted gas.

As stated in the Government report, China would not wish to become the “steel factory” for the rest of the world and that this country is taking step by step plan to control hot development in steel industry.

In the first six months, China exported 30 million tonnes of raw steel, accounting for 13% of total steel production, an increase of 179,9% over the same period last year, However, this led to trade dispute between the US and EU.

However, the report showed that despite recent export restraints actions, particularly the removal of export tax refund, steel production was still on the increasing trend, causing alarming pressure on domestic market.

It is predicted that steel export of China will reduce by 50% in the last six months, which is party due to the Government policy of abolishing export tax refund, applied on more than 2.800 types of goods. This new regulation will come into effect from July 1, 2007, yet the total annual export volume will keep increasing to reach 51, 6 million tonnes.

(Reuter)
14/08/2007

Source: vinanet