The Tariffs Adjust on Steel Products and the Abolition of Export Tax Rebate
The “Announcement on Adjusting the Tariffs of Steel Products" stated that in order to guarantee the supply of steel resources and promote the high-quality development of the steel industry, with the approval of the State Department, the Tariff Commission of the State Department issued an announcement to adjust some tariffs on steel products from May 1, 2021.
Including the zero import tariff rate for pig iron, crude steel, recycled steel raw materials, ferrochrome and other products is implemented; the export tariffs for ferrosilicon, ferrochrome, high-purity pig iron and other products are appropriately increased, and the export tax rate of 25% and 20% are respectively implemented after adjustment. % Temporary export tax rate, 15% temporary export tax rate. The specific execution time shall be defined by the export date indicated on the export goods declaration form.
The Tariff Commission of the State Department stated that the adjustment will help reduce import costs, expand imports of steel resources, support domestic reduction in crude steel production, guide the steel industry to reduce total energy consumption, and promote the transformation, upgrading and high-quality development of the steel industry.