Steel exports may be restricted further

China is looking to further curb primary steel product exports, possibly through a qualifying system for steel exporters and by restricting steel projects in the export processing trade sector, said Hu Chunli, the head of the National Development and Reform Commission's Institution for Industrial Development. The measures would be aimed at reducing excess capacity in the sector to meet domestic demand, China Securities News reported (in Chinese). Export restrictions on heavily polluting industries like steel will be in line with the country's pledge to reduce power consumption per unit of GDP, said Hu. China moved to restrict high-emission exports earlier this year with cuts to value-added tax rebates.