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China cancels export rebates for most steel products
2021/04/28
The Ministry of Finance of China announced on 28 April that some steel products will see their export tax rebates canceled from 1 May. Most of these products were enjoying a full rebate of China’s 13% VAT on export. At the same time, another announcement from the Ministry shows that China is taking measures to boost steel imports in order to reduce domestic crude steel production.
According to the public document, export tax rebates for 146 steel products will be cancelled starting next month. In addition to alloy steel powder under HS code 7205.21.00, the HS codes of the steel products for which the tax rebates will be cancelled range from 7209.25.00 to 7307.99.00.
These products mainly include carbon steel cold-rolled sheets, coated non-alloy steel sheets, non-alloy bars and wire rods, coated non-alloy wire rods, hot-rolled stainless steel coil, sheets and plates, cold-rolled stainless steel coil, sheets and plates, stainless steel bars and wire rods, alloy-added hot-rolled coil, plates, alloy-added cold-rolled plates, coated alloy-added steel sheets, hot-rolled non-alloy and alloy-added rebar and wire rod, carbon and stainless steel pipes and sections.