Daily Steel News - 31 Mar 09

China to withdraw export rebate on baron added HR, wire rod
China will withdraw 5 percent export rebate on baron added hot rolled steel and wire rod since April 1st, according to market source. China imposes 15 percent export tax on normal carbon wire rod while baron-added hot rolled steel is exceptional. It was grouped as alloy steel, which enjoyed free export tax and 5 percent tax rebate for export. For hot rolled steels, baron-added hot rolled steels were benefited by 5 percent tax rebate while that is not the case for normal hot rolled steel export. In order to establish a fair and healthy market, Chinese government has redefined the range of alloy steel. It is believed with increased tax rebate on cold rolled steel, alloy and stainless steel, export market could be rebounded in the near future.

Turkey buys more scrap from America, Europe
Turkish electric furnace mills have purchased the scrap from American and Europe recently; however, it’s said that the future market still remains blurred. Sims not only sold the H1 & H2 (80:20) mixed scrap to Ekinciler at C&F US$220/ton but also sold the H1 & H2 (80:20) mixed scrap, shredded scrap and P&S scrap to Habas and Nursan at C&F US$219~$220/ton, C&F $224~$225/ton and C&F $229~$230/ton, respectively.