The Chinese Ministry of Finance has cut a series of export duties as part of its usual year-end reforms. In steel there were tariff cuts for 17 products (with duties down an average 26%), with 25 reductions in aluminum rates and 32 in copper. The move comes just after a commitment by the EU, Japan and U.S. to tackle “excess capacity” industries. Yet, a removal of tariffs arguably represents a removal of market distortions, and so would be inline with the G20’s steel forum aims.

Exports of the steel products where rates are being cut are already 4x their level of a year ago, though...