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