To encourage steel exports, Chinese government has decided to increase the steel export tax rebate up to 13 percent from April 1. The products with 13 percent tax rebate include HR stainless steel products, CRC with thickness of 3mm and above, silicon steel, HR/CR alloy steel, high-speed alloy steel wire, etc.

The global steel price might drop further after China takes new measures to boost its steel export. Accordingly, many mills will face the pressure to lower their price again.