The Chinese government has abolished and reduced export discounts on most steel products since May 1. Recently, the Prime Minister of the State Council of China stressed the need to ensure the supply of goods within the stabilization process, the implementation of appropriate policies, such as increasing export duties on some steel goods. , introduction of temporary import duties on cast iron and scrap and removal of export discounts on some steel products.
The Chinese government intended to adjust some policies, including the abolition of export rebates and some steel products that still benefit from subsidies, and is likely to impose export duties on raw materials to reduce carbon emissions.
Some market participants expected that if the policy did not actually yield the intended results, the government would take tougher measures to reduce export opportunities and limit carbon emissions, and it was predicted that its implementation would be the end of the fourth quarter.
