Steel firms nervous over talk of rebate cut

BEIJING - Chinese steel producers are worried over a possible export rebate cut by the Chinese authorities amid growing export risks imposed by trade remedy measures from the United States and the European Union.

Wu Genping, the official of the General Administration of Customs, said the world's largest steel producer is pondering plans to cut export rebates for flat steel products and pipes.

Analysts said that China is mulling the move to save energy and resources since the sector is heavily energy consuming. It may also be a way to reduce the possibility of foreign nations enacting trade measures against Chinese products.