It is reported that China has further loosened its policies for steel export following the removal of export duties on most steel varieties lately in a bid to support steel shipment.

 

Analysts said that outlook in the New Year remains bleak impacted by the softening global demand and trade barrier.

 

Beijing has turned to steel export licensing system on May 20th 2007 in a bid to tame the hefty low end steel exports however, it has not release the qualified exporters' list and those want to ship out materials only need a registration. However, the export condition has reversed in 2008 with steel shipment dropping sharply adversely impacted by the global financial crisis and strengthening yuan.

 

Latest figures from customs shows that China shipped out 56.06 million tonnes of steel products in January to November of 2008, down 3.1% from a year ago, and exported 1.27 million tonnes of steel billet a massive YoY decline of 79.8%.

 

As a result, the Ministry of Commerce and the General Administration of Customs have jointly announced at last year end to remove steel products from the export licensing management directory as of Jan 1st 2009.

 

According to Mr Zen Jiesheng analyst of Mysteel, the export permits cut would help little for the material exports, since it only simplify the export procedures. He said that "Export downtrend might continue in light of the deepening global economic crisis."

 

(Sourced from www.Mysteel.net)

 

 

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