China steel exports down for first time in 6 months on new tax rules

Hong Kong

STEEL exports from China, the world's largest producer, fell for the first time in six months as new tax rules for some shipments began to slow sales.

The country shipped 7.8 million tonnes of steel products in February, down 24 per cent from 10.29 million tonnes the previous month, according to data released on Sunday by the customs administration in Beijing. The government cancelled export-tax rebates starting Jan 1 for alloys that contain the chemical element boron as part of its efforts to cut oversupply in the industry.