Documents of adjustment of China's steel export tariffs were submitted to relevant departments for approval, but there is no timetable for the implementation, accordingto authoritative sources.

    It's learned that the amendment would involve articles in Chapter 72 in Customs Tariffs of People's Republic of China, including the cancellation of 5 percent export tax rebate for steel products, such as cold-rolled steel, alloy steel and silicon steel, as well as the increase of boron steel's tariff to 15 percent.

    Policy governing the railway materials and steel pipes in Chapter 73 in Customs Tariffs of PRC would not be changed.

    This amendment will have huge impact on alloy wire and plates, as alloy wire's monthly export arrived at 1 million tons in May and June, taking up 80 percent of the wire rod export, and the monthly export of cold-rolled, alloy, and coating plates reached more than 1 million tons, nearly half of the export of plate products.

    However, as steel price on China's domestic market began to decline, there will be room for export profit increase, according to analysts.