Asia steel billet prices spike on China's removal of import tax from May 1

Steel billet prices in Asia have jumped over the week to Friday April 30 on news that China will end import taxes for steelmaking raw materials, including semi-finished steel such as billets.

"Many buyers increased their bids significantly this week because they were rushing to purchase billets ahead of the implementation of the new tax regime," a trader in east Asia said.
Under the new import tax regime announced on April 27 by China's Ministry of Finance, there will no longer be any import taxes for steelmaking raw materials such as pig iron, crude steel, recycled steel raw materials, semi-finished steel, ferro-chrome and other products
This includes steel billet with HS codes 72071100, 72071200, 72071900 and 72072000.

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