CHINA MAY RAISE TARIFF TO CURB STEEL EXPORT IN 2008
Monday, March 24, 2008; Posted: 02:07 AM

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| PR Charts -- China may raise tariff to rein in export of iron and steel products this year, said Luo Bingsheng, vice chairman of China Iron and Steel Association (CISA).

China's macro regulation continues to take effect in 2008 and is likely to be tightened in case of export rebound in iron and steel products, according to Luo.

The export tariff for steel billets will double to combat export rebound though the export of steel billets is zero in February, said Wu Xichun with CISA.

China exported 7.25 million tons of iron and steel products in the first two months of 2008, down 17.2 per cent. The export of steel billets came to 80,000 tons, down 92.6 per cent.

Luo said the export rebound would appear resulting from the extended price gap between domestic and international market.

China is expected to export 48 million tons of iron and steel products and 1.5 million tons of steel billets equaling to 52 million tons of crude steel this year, down 27 per cent from 2007.

The import of iron and steel products and steel billets will stand at 16 million tons and 220,000 tons, respectively, similar to 2007.

(XIC)

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