China, in a major announcement today, cancelled with effect from 1 Aug’21 the export rebate on 23 types of steel products. Further, the country’s Tariff Commission of the State Council also raised the export tax on high-purity pig iron to 20% from the existing 15%, and that on ferro chrome (FeCr) to 40% from the present 20%, with effect from the beginning of next month. The Chinese government said adjusting of export tariffs on steel products was being done to upgrade the country’s steel industry and promote high-quality steel development. Products for which the export rebate has been cancelled include carbon and alloy steel cold rolled steel coils, plated or tinned steel plates, galvanised steel flat-rolled products, flat-rolled products, rails and steel pipes for the oil and gas industry, among others.
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