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2007/10/03 17:42 | by 
With the implementation of licenses on export companies and the restriction of steel projects in the processing sector, the Chinese government will continue to curb excessive growth of steel exports, in a bid to reduce energy consumption and reduce pollution, said a senior official with the country's top economicrecently. planner
China has taken many measures to scrap or lower the range of export rebates on iron and steel products, in an effort to curtail mounting exports and curb excessive production. Restricting steel exports will be the focus of the central government's future policies, said a senior official with China's National Development and Reform Commission (NDRC).
The government imposed export tariffs of 5% to10% on more than 80 steel products, including steel wire, sheet and plate, and raised export tariffs from 10% to 15% on primary commodities such as steel billets, ingots and pig iron.
The country's export of steel products reached 5.38 million tons in August, down 9.4% from the previous month; however, in the first eight months, China's steel and steel billets exports soared 83.8% and 10.9% respectively to 45.08 million tons and 5.61 million tons, according to the latest statistics released by the China Customs.
The sources said that it may take a while before the government's measures take effect; with the implementation of reducing emission and energy saving and new curbing policies, steel exports will eventually go down.
The current demand for steel remains high in the global market and steel exports still enjoy relatively high profit margins.
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