China Squeezes Steel Exports Again to Expand Sector Overhaul (1)

China raised tariffs on some steel materials, and removed rebates on cold-rolled products, as authorities ramp up efforts to overhaul the sector and tame a surge in prices.

The export tariff on ferrochrome -- used in stainless steel -- will rise to 40% from 20% starting Aug. 1, and the levy on high-purity pig iron will increase to 20% from 15%, the Ministry of Finance said. Export tax rebates will be removed from 23 items, including some cold-rolled coil products, it said.

The moves are aimed at promoting the transformation of the industry, the ministry said. Bloomberg News reported plans ...