China cuts tax rebates on 146 steel products and much of the Asian market stops offers. Base metals continue their rally today. And as a bonus, you can now download all HS Codes affected by the tax rebate cuts.
Offer stops for steel and steel products in Asia
The Asian steel and stainless steel market has reacted to the end of the Chinese tax rebates. As various Asian sources tell us, there are currently (April 29, 2021) few or no offers for steel and stainless steel in Asia.
On April 28, the Chinese government announced that export rebates of 13% would be eliminated on 146 steel products. We already reported on this yesterday in a news break.
China has also simplified the import of certain raw materials for steel production. And increased export taxes, e.g. on ferrochrome.
Source: Market sources
Base metal prices rose
As reported yesterday, base metals rose on the LME and SHFE and continue their rally today.
On the London Metal Exchange, nickel futures rose over 3% since April 28, 2021, 8:00 am (GMT+1) and are currently trading at around $17535 per ton (Source: investing.com).
Nickel futures on the Shanghai Future Exchange have also risen by about 2.9% since yesterday (Source: shfe.com.cn).
HS Codes on the affected Chinese steel products
We have compiled a PDF document for you in which you can clearly view all 146 steel products affected by the export rebate cuts in China.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.