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PrintChina is likely to raise its tax rebate rate for steel export, predicted Qi Xiangdong, executive vicesecretary-general of China Iron & Steel Association (CISA).
The specific program for the adjustment is still being mulled, which may focus on high added value steel products, Qi said.
Due to the severe international situation for China's steel export in October, worsened by the plunge of domestic steel price, the loss in the domestic iron and steel industry continued to deteriorate.
In the first three quarters, China's export of iron and steel decreased 5 million tons, which also led to price drop in the domestic market. The statistics for September showed that 23 of the country's 71 large and medium-sized steel enterprises reported loss, accounting for 32 percent of the total.
Qi also said fortunately the demand of emerging markets was robust.
They have become the major markets for China's iron and steel export.
However, the export in October is still unoptimistic in spite of the increasing export to U.S. and Europe in August and September.
China's State Council recently raised the export rebate for 3,486 items of labor-intensive commodities such as textiles, garments and toys, hi-tech and high added value commodities like anti-AIDS drugs and tempered glass. The iron and steel sector was not included in the adjustment.
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