Oh, goodie, from Reuters:
China will cut export taxes on steel billet and pig iron from Jan. 1 2016, the finance ministry said on Wednesday, as part of a raft of measures aimed at boosting economic growth in the world’s second-largest economy.
It did not give details on the size of the cut. Tariffs on billet and pig iron are currently 25 percent.
China would also cut tariffs on some energy raw materials, but the ministry did not identify which materials would be subject to the cut.
The move to encourage sales abroad will help to erode a ballooning domestic glut and underscores the deepening crisis in the world’s biggest steel industry as the country’s economic growth slows.
Cripes, they’re already dumping. How long before we see iron ore import tariffs as well?
