China has decided to lift export rebate rates on parts of commodities starting June 1, with alloy steel, profiled shapes and structural steel being adopted an increased rebate rate of 9 percent. Based on the export figures in the first four months, the move would produce $170 million worth benefits for the steel industry this year. Steel exports covered by the tax revisions account for 12.5 percent of export volume and 10.8 percent of export value in the first four months, and 13.7 percent and 12.1 percent respectively in April. The CISA vice general secretary Qi Xiangdong noted the rebate adjustments this time, albeit small in scale, will encourage bigger mills to export more steel products by offsetting their losses due to the appreciating yuan.