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China has canceled the 13% export tax rebate for cold-rolled and coated steel from August 1. The import steel prices in Europe, the Middle East, and Africa are likely to rise.
Europe and the Middle East must rely on imports due to the insufficient self-sufficiency of cold-rolled and coated steel products. Without China’s low-price products, it might be inevitable of regional price increases.
Due to the anti-dumping duties, China has exported very few cold-rolled and coated steels to the EU in recent years. However, these products have been competing in the international market. Market participants said that the import price will be increased in September since China abolished the tax rebate.
More attention should be paid to China’s steel production reduction plan in the second half of the year, which will also boost international steel prices. The cold-rolled products quotations from South Korea and Japan to Europe will definitely rise