China's steel exports reached 1.56 million tons in February, down 62 percent from a year ago, China Securities Journal reported.

The figure marks a drop of 18 percent from January and is the lowest in 52 months.

The newspaper said China's steel imports stood at 1.09 million tons in February, down 14.7 percent year-on-year, citing anonymous sources.

The newspaper also cited anonymous sources as saying that the China Iron and Steel Association is asking the government to increase tax rebate rates on steel exports. It expects to increase the tax rebates on certain products from 5 percent to 17 percent.

(China Daily March 11, 2009)