The Chinese government has removed and reduced export rebates on most steel products since May 1. Recently, the Premier of

the State Council of China emphasized ensuring the supply of commodities with stabilizing process, implementing the relevant

policies such as raising export tariffs on some steel products, imposing temporary import tariffs on pig iron and scrap, and

removing export rebates on some steel products.

The Chinese government intended to readjust some policies, including export rebates that have been removed and some steel

products still enjoying subsidies, and it was likely to impose export tariffs on raw materials so as to achieve carbon reduction.

Some market participants expected that if this policy doesn’t actually reach targeted results, the government will make more

rigorous policies to reduce export opportunities and restrain carbon emissions, and the time for the implementation was predicted

to be the end of the fourth quarter.