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To date, Steel First has been assessing only non-Chinese material in the region due to Chinese mills typically declaring billets as “alloy square bars” to avoid paying a 25% export tax on semi-finished carbon steel and claim a 13% export tax rebate.
Despite this circumvention in China, these cargoes continue to be imported in most Southeast Asian countries, especially the Philippines and Indonesia.
Chinese billets have been dominating the import market in Southeast Asia, with deals for non-Chinese material occasionally heard only in Thailand.
Steel First plans to start considering Chinese billets in its assessment effective Monday July 6.
Please submit your comments on this proposed change to Weilyn Loo by Friday June 19.
