The vice executive secretary general of the China Iron and Steel Association (CISA), Qi Xiangdong, has stated that Chinese steel producers should focus on improving the added value of steel products and also on maintaining a reasonable export volume despite the Chinese government's decision to remove the export rebate on certain steel items. He added that this decision will, nevertheless, have a big influence on the big Chinese steel producers, especially on producers of hot rolled products and large sections.
In May this year, China exported 4.94 million mt of finished steel, up 270 percent year on year. In the January-May period, the aggregate export volume of finished steel amounted to 17.96 million mt, an increase of 127.3 percent compared with the corresponding period of last year.
Mr. Qi further commented that current steel prices in the Chinese market are at bottom levels and are much lower than international prices. He went on to say that the recovery of the global economy has already had a positive effect on the steel markets.