China saw its steel exports shrink 62% year on year to 1.56 million tons in February, the China Securities Journal reports.
The figure also represents an 18% decline from January and a record low in 52 months.
In February, China imported 1.09 million tons of steel, down 14.7% from a year earlier, according to the report.
The Chinese government is expected to raise tax rebate rates on steel exports as requested by the China Iron and Steel Association, and rebates on some products may be increased from 5% to 17%.
In 2008, Chinese steel exports experienced a 5.5% year-on-year decline to 59.23 million tons, while the export value surged 43.8% year on year to US$63.44 billion, according to statistics released by the General Administration of Customs (GAC).
Source: China Knowledge
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