China to remove import duties on ferrous products including semi-finished steel

China is to remove import tariffs to 0% on ferrous products like pig iron, semi-finished steel effective from 01 May ’21. According to the Chinese Customs Tariff Commission of the State Council issued on 28 Apr ’21, it is done to guarantee domestic steel supply and promote the development of the steel industry. Earlier the import duty on non ASEAN billets were 2.5%. Chinese steel imports increased by around 65% y-o-y to 20.2 mn t in CY ’20 on lower inventories post COVID. Robust demand pushed domestic steel prices which created room for imports.