China will reduce the export rebate rates for some steel products from May 1
sourcewww.vinssco.com
publisherKylie
time2021/04/29
- China will reduce the export rebate rates for some steel products from May 1, the Ministry of Finance said on Wednesday April 28.
China will reduce the export rebate rates for some steel products from May 1, the Ministry of Finance said on Wednesday April 28.
Steel products with HS codes 7205-7307 will be affected, which includes hot-rolled coil, rebar, wire rod, hot rolled and cold-rolled sheet, plate, H beams and stainless steel, the ministry said.
The policy covers almost all steel products, except cold-rolled coil, hot-dipped galvanized coil and aluminum-zinc coated coil.
The policy covers almost all steel products, except cold-rolled coil, hot-dipped galvanized coil and aluminum-zinc coated coil.
On the same day, the ministry announced a policy on adjusting export and import taxes of ferrous raw materials, which aims to reduce import costs and increase imports of steel making raw materials.
Market participants think there could be another policy on reducing steel exports following the current policy on the cancellation of steel rebate rates.
For stainless steel products, the export rebate rates for stainless HRC, stainless HR sheets and stainless CR sheets will also be canceled from May 1. The current rebate on these stainless steel product is at 13%. Therefore, the price of stainless steel products will increase a lot.