China’s export rebate withdrawal augurs well for Indian steel exporters: ICRA
Withdrawal of export rebates by China augurs well for Indian steel exporters and will also support buoyancy in international steel prices, ratings agency ICRA said on Friday.
China’s steel exports have been on an uptrend in the current year and grew sharply by 24 per cent YoY in Q1 CY2021, partly aided by a lower base and improving demand from other geographies. Another key reason behind the export growth momentum was market expectations of a cut in export rebates by the Chinese government to rein in steel production, a move aligned to meet its long-term carbon neutrality targets.