Chinese_steel_exports_expected_to_drop_in_Au

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8 of 998 DOCUMENTS Metal Bulletin Daily Alerts August 5, 2010 Thursday Chinese steel exports expected to drop in Aug BYLINE: Henry Chen SECTION: LENGTH: 201 words Steel exporters in China expect business volumes to drop hard in August as the export tax rebate cuts finally kick in, although outlook in the fourth quarter remained opaque. The comments came after China Steel Association (Cisa) said late on Tuesday that it expected steel export volumes to fall in the second half. Export tax rebates were stripped from July 15 for hot rolled steel coil, steel beam and steel strip thinner than 600mm - three items that account for about 45% of China's current export volume, Cisa noted. "We are not able to foresee whether there would be less steel exports in the second half, but we are sure that Chinese steel
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Unformatted text preview: export tonnages in August would certainly see an evident decrease from July," said a major trader in Shanghai. Steelmakers agree, telling MB that their bookings have fallen. Despite a strong rebound in Chinese steel prices, export orders remained thin, said traders. Exports in the second half will also be hit by a stronger yuan, protectionism and lagging global consumption, said Cisa. Global apparent steel consumption is to grow by 10.7% this year but crude steel output has already risen 27.9% in the first half, said Cisa, World Steel Association estimates. LOAD-DATE: August 5, 2010 LANGUAGE: ENGLISH PUBLICATION-TYPE: Web Publication JOURNAL-CODE: MBW Copyright 2010 Metal Bulletin All Rights Reserved Page 1...
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