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China cancelled the tax rebate for steel products, rails exporting becomes harder

China cancelled the tax rebate for steel products, rails exporting becomes harder

Recently, China once again adjusted the export tax and fee policy of the steel industry, increased the export tariffs on ferrochrome and high-purity pig iron, and cancelled export tax rebates for 23 steel products. This also means that the export tax rebate for steel products of the 169 tax codes that originally enjoyed export tax rebates will be cancelled and reduced to zero, and the export of domestic steel products will no longer enjoy the export tax rebate dividend. Some experts analyzed that the purpose of this adjustment is to reduce the export volume of primary products and related steel products, and give priority to ensuring the supply in the domestic market. In the long run, the cancellation of export tax rebate dividends for Chinese steel companies is more conducive to the development of the industry.
Steel rails are also cancelled export tax rebates. It means the rails exporting cost will increase again.

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