Source: CCTV.com

03-07-2007 10:01

Industry sources say China is likely to further cut its tax rebate for steel exports, if the country fails to curb increasing export volumes.

The comment was from Luo Bingsheng, secretary general of the China Iron and Steel Association. The move to cut the tax rebate was launched in December. Another round of tax cuts are widely expected in April.

Luo didn't confirm the timetable, but he stressed that the strong momentum in steel exports in January will speed up the pace of introduction of the new rebate.

Figures show that steel exports amounted to 43 million tons last year, more than double that in 2005. The surging export volume had raised dumping charges by foreign countries.

Editor:Li Yang