China Looks to More Export Tariffs to Tame Booming Steel Sector
- Officials are discussing measures to keep more supply at home
- Shipments rebounded in June despite earlier round of levies
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China is considering imposing more tariffs on steel exports as it seeks to achieve twin goals of capping domestic production and taming the surging prices that have fanned concerns about inflation. Futures dropped.
Potential rates being discussed range from 10% to 25% and products include hot-rolled coil, according to two people familiar with the matter, who asked not to be identified because they’re not authorized to speak to the media. Officials are seeking to implement the levies in the third quarter, though they’re still subject to final approval, one of the people said.