Chinese policy boosts global scrap market

摘要

China’s VAT rebate removal has made its own selling prices for finished steel exports less competitive on the international market. In Turkey, this has resulted in a large rise in export demand for finished long products such as rebar from buyers who would previously have sourced their products from China.The rise in rebar prices has also pushed up those for billet, allowing Vietnam, the largest scrap buyer in Asia, to increase its bid prices. In addition to the rebate, Vietnam’s billet export sales to China have continued to be strong this year because of strong Chinese construction demand and high rebar margins.