Breaking News: China Export Tax Rebate Will Adjust from May 2021 for Steel Products
From May 1, 2021, China will adjust the tariff and export tax-rebate rate for some steel products.
In order to get a better guarantee of the supplying 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 that China will cancel / adjust the tax-rebate for some steel products starting from May 1, 2021, including stainless steel pipe fittings, stainless steel tubings etc.
Pig iron, crude steel, recycled steel raw materials, ferrochrome and other products are subject to zero import tax rates;
Appropriately increase the export tariffs of ferrosilicon, ferrochromium, high-purity pig iron and other products, implement the adjusted export tax rate of 25%, the temporary export tax rate of 20%, and the temporary export tax rate of 15%;
The abolition of export tax rebates for some steel products is defined by the export date which indicated on the declaration form of export goods.
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.
This policy is different from the rumored one. Because the rumor is for steel primary products only about the scope of export restrictions. However, according to the newly published catalog, we can see that products including oil and gas line pipe, boiler pipes, stainless steel pipe, pipe fittings, and stainless steel flanges have all entered the list.
According to the statistics of our business department, the new policy will have an impact on our business, especially for orders that have been scheduled for production but not shipped .
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