A 1% increase in China's export rebate rate for hot-rolled coil will have a minimal impact on the spot market, traders in the country told Fastmarkets on Thursday November 1.
The increase in the export rebate for HRC, from 9% to 10%, is just one of 3,449 product rebates announced by China's State Administration of Taxation on Thursday.Existing 9% rebates were increased to 10% and for products with a 13% rate, the export rebate was increased to 16%. The list of products is in addition to the one issued by the Ministry of Finance in September. The new rebate policy comes into effect immediately."The rebate change is too small. Even if the domestic mills lower export prices by 1%, it means only...