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Yet another move to curb Chinese steel production. Will it work?

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29 April 2021

Yet another move to curb Chinese steel production. Will it work?

Report summary

On 28 April, the Chinese government announced a reduction on export tax rebates for certain steel products in an effort to deter exports, reduce steel production and ultimately improve air quality. This is in addition to mandated production cuts announced in March. Neither will work. Steel production will only fall when demand falls. Expect further efforts to temper residential construction next...

Table of contents

  • A blunt instrument
  • Which tariffs have been changed?
  • Export rebate abolition to have no major impact on production
  • Dropping the import tax irrelevant to pig iron and scrap
  • but does provide upside risk to semi-finished steel imports
  • If blunt supply controls and trade incentives won’t work, what is next?

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    Yet another move to curb Chinese steel production. Will it work?

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