China cancels steel export tax rebate

On August 1, 2021, the state issued a policy to cancel the steel export tax rebate. Many Chinese steel suppliers were hit. Faced with the national policy and customer demand, they also came up with many ways. The cancellation of the tax rebate triggered the increase in the cost of China’s imported steel raw materials. Will it cause China to go to some customer groups? Can Chinese steel become an important pillar of exports?
Further adjustment of steel tariffs is intended to reduce steel production
Reducing crude steel output is an important measure to implement my country’s carbon peak and carbon neutral goal. Since the beginning of this year, my country’s steel consumption has continued to grow, and steel exports have clearly recovered, driving steel production to run at a high level, and there is huge pressure to reduce carbon emissions.
Industry experts said that the increase in export tariffs on some steel products is intended to actively cooperate with the completion of the national crude steel output reduction task, achieve the fundamental goal of restraining the rapid rise of iron ore prices, and promote the high-quality development of the steel industry. At the same time, give full play to the role of import and export supplement and adjustment to improve the domestic steel supply and demand relationship

Post time: Aug-04-2021