USB Securities report that China"s steel products exports in February slumped by 50%YoY while the imports increased by 10%YoY which indicates the competitiveness drop of Chinese steel products on cost.

Not only did China lose to CIS on export market share but also it increased imports from CIS.

Worse more, the efficiency of the expected export rebate is likely to be limited dating back to China"s cost competitiveness loss as well as soft oversea demand.