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News from the Import Industry

June 25, 2010

Taiwan`s Steel Makers Upbeat for Rebate Cut by China

Taipei, June 24, 2010 (CENS)--With China expected to cancel the 9% export tax rebate for hot-rolled steel, Taiwan`s steel firms, including China Steel Corp. (CSC), Chung Hung Steel Corp., Kao Hsing Chang Iron & Steel Co., Sheng Yu Steel Corp. and Yieh Phui Enterprise Co., are looking forward to rosier operations.

An institutional investor noted the present chaos in the Asian steel market will end once China cuts the steel export tax rebates, which will help to balance demand and supply. Besides, the prices for coal and iron will be raised in the third quarter, which will move CSC to raise prices for steel products to be delivered in September.

T.Y. Huang, vice president of CSC`s business division, said the cancellation of steel export tax rebate will help reduce exports of China-made steel products.

A trader in Taiwan noted China`s steel makers currently enjoy 9% to 13% export tax rebates, raising their export competitiveness as well as production of steel in China over the past few weeks.

(by Ben Shen)

http://cens.com/

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