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BREAKING NEWS: China decides to remove rebate on steel products

Time : 2021-04-29 Hits : 2021-04-29

On April 28th, the Ministry of Finance website issued an announcement on the cancellation of export tax rebates for some steel products. From May 1st, 2021, the export tax rebates for some steel products will be cancelled. The specific execution time shall be defined by the export date indicated on the export goods declaration form.

146 kinds of steel products cover carbon, alloy and stainless steel products, such as alloy steel powder, hot rolled, cold rolled, galvanized, galvanized carbon steel flat steel, welded pipe and hot rolled, pickled, cold rolled stainless steel flat steel, pipe , Bars and wires, rails and angles. The HS codes of the affected steels begin with four digits, including 7205, 7209, 7210, 7212, 7214, 7217, 7219, 7220, 7221, 7222, 7225, 7226, 7227, 7228, 7229, 7301, 7302, 7303, 7304, 7305, 7306 and 7307.

On the same day, the Ministry of Finance website announced that in order to better guarantee the supply of steel resources and promote the high-quality development of the steel industry, with the approval of the State Council, the Tariff Commission of the State Council recently issued an announcement to adjust tariffs on certain steel products starting May 1st, 2021. Among them, zero import provisional tax rate is applied to pig iron, crude steel, recycled steel raw materials, ferrochrome and other products; The export tariffs of ferrosilicon, ferrochrome and high-purity pig iron should be appropriately increased, and the export tax rates of 25%, 20% and 15% should be implemented respectively after adjustment.

The above adjustment measures are conducive to reducing import costs, expanding imports of steel resources, supporting domestic reduction in crude steel production, guiding the steel industry to reduce total energy consumption, and promoting the transformation and upgrading of the steel industry and high-quality development.

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