China lifted retaliatory tariffs on five steel products in response to the US decision to drop steel safeguard tariffs imposed in March 2002.
The US dropped the tariffs after the WTO ruled they were illegal.
In November 2002 the Chinese Government responded to the US safeguard by slapping temporary tariffs of up to 26% on imports of five steel products.
Analysts expect China's cancellation of the retaliatory tariffs will invite an influx of steel.
China exported 5.71 million tons and imported 31.05 million tons of steel during the first 10 months of 2003, an increase of 28% and 51% respectively over 2002.