SHANGHAI, Sept 10 （Reuters） - China's steel exports in August slumped to the lowest level since March after Beijing ended a 9 percent export tax rebate from July 15.
Exports fell 38 percent to 2.8 million tonnes in August from July, while exports for the first eight months climbed 133 percent to 30.93 million tonnes from a year earlier, data from the General Administration of Customs on Friday showed.
The drop in steel product shipments is within market expectation after China cancelled a tax rebate for steel exporters as part of a drive to save energy and reduce emissions.
"Steel exports were already expected to fall without the tax incentive, and steel markets in China and other regions did not perform well in August," said a senior exporter from Hong Kong-based Smart Timing Steel.
Earlier, Baoshan Iron & Steel Co Ltd （Baosteel） （600019.SS: Quote） said Chinese steel prices were still under pressure because of slowing domestic demand and the collapse of foreign sales following the cancellation of export tax rebates. [ID:nTOE67T07V]
Steel imports slipped to 1.35 million tonnes in August, from 1.4 million tonnes in July.
As the world's biggest iron ore consumer, China's imports of iron ore fell 13 percent from July to 44.61 million tonnes in August, data showed.
Imports during January to August were almost flat year on year at 405 million tonnes.
"We purchased much less iron ore in August and I believe imports will continue to fall in September after a large number of steel mills were shut down or cut production for the remainder of the year," said an iron ore purchasing official at a northern China steel mill.
More than 5 million tonnes of crude steel output is expected to be shut down in September, Custeel.com said, further damping the demand outlook for iron ore. （Editing by Chris Lewis）
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