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CN - CISA proposes to increase steel export rebate

China Securities Journal reported that stung by the low levels of steel exports in January and February 2009, China iron & Steel Association has submitted a proposal to raise up steel export rebate with relevant department including the Ministry of Finance. A CISA official said falling exports are expectable, not disclosing more details about the proposal, but as learned from some well informed source, the suggestions involve all steel varieties that are enjoying an export rebate.  In detail, present 5% refund for high value added products such as CR sheet, galvanized and alloyed steel products is suggested to lift to 17% and the badly oversupplied HRC is also hope to attract a 13% rebate from zero. Mysteel analyst Xu Xiangchun said the deteriorating export situation is attributable to losing of price advantage relative to the international market. Falling demand globally, RMB appreciation against euro, won and other currencies as well as domestic price rise lead to backflow of the steel products.

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