The Chinese Ministry of Finance, Thursday, canceled the temporary export tax rebates offered on about 23 steel products including CRC and GI products, effective Aug 1. The government also raised export taxes on high-purity pig iron to 20pc from 15pc and ferrochrome (FeCr) to 40pc from 20pc. The rebates were offered to promote the transformation and upgradation of the domestic steel industry.
Rebates are withdrawn from steel products including carbon and alloy steel cold-rolled coils, galvanized, galvalume, coated sheets, tinplates, electrical steel, steel rail and seamless pipes. The change in the tax policy will benefit domestic industries and curb exports, thereby stabilizing steel prices in China.
The decision could increase the prices of Chinese CRC and GI exports by $100-120/mt, in the coming days.
The Ministry was considering increasing export taxes on a few steel productions up to 20-25pc to control domestic prices and limit exports, industry experts told Davis Index.
| No. | HS Code | Description |
|---|---|---|
| 1 | 72091510 | Flat-rolled products of iron or non-alloy steel, in coils, of a thickness of 3mm or more ,of a width of 600 mm or more, of a yield strength exceeding 355N/mm2 |
| 2 | 72091590 | Flat -rolled products of iron or non-alloy steel, in coils, of a thickness of 3mm or more ,of a width of 600 mm or more, of a yield strength less than 355N/mm2 |
| 3 | 72091610 | Flat-rolled products of iron or non-alloy steel, in coils, of a thickness exceeding 1mm but not exceeding 3mm of a width of 600 mm or more, of a yield strength more than 275N/mm2 |
| 4 | 72091690 | Flat-rolled products of iron or non-alloy steel, in coils, of a thickness exceeding 1mm but not exceeding 3mm ,of a width of 600 mm or more, of a yield strength not exceeding 275N/mm2 |
| 5 | 72091710 | Flat-rolled products of iron or non-alloy steel, in coils, of a thickness exceeding 0.5mm but not exceeding 1mm ,of a width of 600 mm or more, of a yield strength exceeding 275N/mm2 |
| 6 | 72091790 | Flat-rolled products of iron or non-alloy steel, in coils, of a thickness exceeding 1mm but not exceeding3mm ,of a width of 600 mm or more, of a yield strength not exceeding 275N/mm2 |
| 7 | 72091810 | Flat-rolled products of iron or non-alloy steel, in coils, of a thickness of less than 0.3mm,of a width of 600 mm or more, not clad, plated or coated |
| 8 | 72091890 | Flat-rolled products of iron or non-alloy steel, in coils, of a thickness of 0.3mm or more but not exceeding 0.5mm ,of a width of 600 mm or more, not clad, plated or coaled |
| 9 | 72101200 | Flat-rolled products of non-alloy steel, of a width of 600mm or more, of a thickness of less than 0.5mm, plated or coated with tin |
| 10 | 72103000 | Flat -rolled products of non-alloy steel, of a width of 600mm or more, electrolytically plated or coated with zinc |
| 11 | 72104900 | Other flat-rolled products of non-alloy steel, of a width of 600mm or more, other than those plated or coaled with zinc |
| 12 | 72106100 | Flat -rolled products of iron ,of a width of 600mm or more, plated or coated w aluminium-zinc alloys, including non-alloy steel |
| 13 | 72251100 | Grain-oriented {of a width of 600mm or more) |
| 14 | 72251900 | Other grain (of a width of 600mm or more) |
| 15 | 72255000 | Flat products of other alloy steel, of a width of 600mm or more {not further worked than cold-rolled, cold-reduced) |
| 16 | 72259100 | Flat products of other alloy steel, of a width of 600mm or more ,electrolytically plated or coated with zinc |
| 17 | 72259200 | Flat products of other alloy steel, of a width of 600mm or more ,otherwise plated or coated with zinc |
| 18 | 72261100 | Grain-oriented {of a width of less than 600mm) |
| 19 | 72261900 | Other grain (of a width of less than 600mm) |
| 20 | 73021000 | Rails for railway or tramway track construct on, of iron or steel |
| 21 | 73042910 | Other casing and tubing of a kind used in drilling for oil or gas, of a yield strength < 552 MPa |
| 22 | 73042920 | Other casing and tubing of a kind used in drilling for oil or gas, of a yield strength >552 Mpa, < 758 MPa |
| 23 | 73042930 | Other casing and tubing of a kind used in drilling for oil or gas, of a yield strength >758 MPa |
($1=CNY6.5)