Rumors about China to increase steel export tax continuing
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Update time : 2021-05-24 20:18:07
The rumors about China's intention to increase steel export tax seemed to be gradually confirmed. Not only has China’s State Council made relevant instructions at the executive meeting, but the government has also taken continuous measures to stabilize the prices of bulk commodities.
China has been ordered to shut down some of the blast furnace plants last year, but the steel output did not decrease as expected, which might make the government finally carry out other heavy measures.
It was rumored that China's government will impose an additional 10% export tariff on carbon steel hot-rolled coils and stainless steel hot-rolled coils, cold-rolled coils, wire rods, and other raw materials, on which of the items were just canceled the 13% export tax rebate. At the same time, the 13% export tax rebate on carbon steel cold-rolled products will be canceled.
It has been recently said that the tax rate may increase from 10% to 15% to cut off the unreasonable export situation, but the news has not been confirmed.
