South American coil import market at a halt on China tax rebate uncertainty

Import activity in the South American flat-rolled steel market was nearly at a halt in the week ended on Friday March 19 due to growing uncertainty about the existing Chinese steel export tax rebate.

Many importers have temporarily stopped trading China-origin material due to information that has circulated about possible reductions on China's export tax rebate for steel products, either to 9%, 4% or even completely removed. The rebate is currently at 13%.
Fears over a change in the policy intensified on Tuesday, and some market participants anticipate a decision could be made in early April.

Some trading companies were required by sellers to pay for 50% of any additional costs resulting from a change in the tax rebate, leading...

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