The adjustment of export tax rebate will help to reduce steel output

This year, the Ministry of Industry and Information Technology and the National Development and Reform Commission have repeatedly proposed to "ensure the decline of annual steel output". However, from January to March, the cumulative output of crude steel in China was 271 million tons, a year-on-year increase of 15.6%, and a year-on-year increase of 36.592 million tons.

The Myspic steel price composite index has increased by 21.22% and 54.72% since this year and in the past year (although it is still 7.71% and 4.19% lower than the CRU global steel price index in the same period respectively), so reducing steel output has to prevent inflation. The adjustment of the export tax rebate rate will help the implementation of the policy of reducing steel output and depress the price of iron ore.