China stepped up its drive to rein in steel production and fight rocketing iron ore prices by canceling import taxes on some steelmaking materials and raising costs for exporters. Import fees on pig iron, semi-finished and scrap steel will be set to zero from May 1, the Ministry of Finance said on its website. The products are all able to be used to make steel instead of smelting imported iron ore in a blast furnace. Rebates on export taxes for a range of finished steel products were also removed.
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