According to media reports, China has removed VAT rebates on steel exports. In return, taxes on raw material imports have been set at zero.
New steel export taxes? Stainless Espresso: China’s new rules on steel. Europe’s headache.
Tax rebates eliminated: 146 steel products affected
The 13% VAT rebate on exports of hot-rolled coil, wire rod and rebar will no longer apply from May, according to a statement on the Chinese Ministry of Finance website. A total of 146 steel products will be affected by this decision from May 1.
Market sources in Turkey tell us that local prices have already jumped up by as much as $300 per ton.
Import duties for key raw materials eliminated
China has also set import duties on pig iron, crude steel and recycled steel at zero.
Export duties for pig iron, ferrochrome and high silicon steel increased
At the same time, China raised the export duty on high silicon steel, ferrochrome and foundry pig iron to 25%, 20% and 15% respectively, from 20%, 15% and 10%, effective May 1.
Do you have any questions? E.g. which products are affected? Please call us! EU: +49 7642 9282851 | US: +1 302 803 5865
Source: gerber-steel.com
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