FT: China to remove export tax on steel products
Seeking Alpha
Published Dec 15, 2017 09:02AM ET
FT: China to remove export tax on steel products
- Steel and iron ore names are on watch as Financial Times reports China will remove its export tax on steel products, a move that threatens to flood world markets with cheap steel and increase trade tensions.
- Removing the tax should make it easier for Chinese steel mills to export since they can still make a profit even if overseas market prices are closer to Chinese prices; China's steel sector is oversupplied, despite policies designed to force mills to retire idle capacity.
- Nucor (NYSE:NUE) fell nearly 4% in yesterday's trade after guiding Q4 EPS well below consensus at $0.50-$0.55 vs. analyst consensus of $0.76, citing higher imports in 2017 as a culprit.
- Other potentially relevant tickers include X, AKS, STLD, MT, CMC, BHP, RIO, VALE, SLX
- Now read: Nucor's Impressive Dividend History Isn't Enough
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