Singapore's rebar import prices are getting a boost from the new ferrous tax policies announced by China, market sources said.
China's Ministry of Finance said on April 28 that there will be no taxes for semi-finished steel, such as billet, causing buyers in Asia to rush to procure cargoes in anticipation of shortages in the spot market if China starts purchasing more quantities.The assessment for steel billet, import, cfr China was at $670-685 per tonne, up by $23-25 per tonne from...