China steel export tariffs considered as Beijing seeks to cool booming sector amid price surge

China is considering imposing more tariffs on steel exports as it seeks to achieve twin goals of capping domestic production and taming the surging prices that have fanned concerns about inflation.

Potential rates being discussed range from 10 to 25 per cent and products include hot-rolled coil, according to two people familiar with the matter, who asked not to be identified because they are not authorised to speak to the media.

Officials are seeking to implement the levies in the third quarter, though they are still subject to final approval, one of the people said.

The world’s biggest steel industry already scrapped rebates on export taxes and raised tariffs on some products from the start of May to keep more supply at home. The new levies will target some products not covered by the earlier round, according to one of the people.