China Wants More Steel at Home as Industry Faces Overhaul
- Investors remain very confident about tight steel market: CRU
- Govt. wants to reduce output from record above 1 billion tons
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China slapped steel exporters with higher taxes on a range of products as authorities ramp up efforts to cut output and clean up one of the biggest carbon emitters.
Rebates on export taxes for some goods will be removed, and tariffs on some products raised starting May 1, the Ministry of Finance said on its website. Import fees on pig iron, semi-finished and scrap steel will be dropped. The measures highlight an increased focus on servicing the domestic market and come as the country’s steel mills grapple with raw material costs that have surged to historic highs.