China from 1 January 2018 cancels export duties on some steel products, the Financial Times writes with reference to the Ministry of Finance of the PRC.

It is, in particular, about the duty on steel wire rods and rebar. In addition, the country lowers to 5% export duty on steel billet.

Shipment of a significant amount of Chinese steel products in other regions is a sensitive issue for many countries as it helps to reduce the demand for specialty workers in Europe and America, the newspaper said.

The abolition of export duties will make it easier for Chinese companies, the delivery process of steel abroad when an excess of metal in the domestic market of the PRC, despite government measures to reduce excess steel capacity.

In 2017, export duty on most steel products was 15%, on stainless steel, special steel and steel alloys – 10%.

For 10 months of 2017, China exported 64.5 million tons of steel, which is 30% less than a year before .