China's steel tax rebate policy will be adjusted again from August 1, 2021!

China's steel tax rebate policy will be adjusted again from August 1, 2021!

Summary

China's steel tax rebate policy will be adjusted again from August 1, 2021!

China's steel tax rebate policy will be adjusted again from August 1, 2021!

On July 29, the latest news, the Ministry of Finance and the General Administration of Taxation jointly issued the "Announcement on the Cancellation of Export Tax Refunds for Iron and Steel Products" (hereinafter referred to as "Announcement"). The announcement said that since August 1, 2021, the cancellation of some steel products export tax rebates. The specific implementation time is defined by the export date stated on the customs declaration of export goods. In addition, since August 1, 2021, the appropriate increase in export tariffs for ferrochrome and high-purity pig iron, respectively, after the adjustment of 40% and 20% of the export tax rate. Overview of the policy adjustment 1, this increase in export tariffs is only high purity pig iron, ferrochrome 2 commodities 3 codes; 2, the cancellation of export tax rebates are mainly cold-rolled, galvanized, tin-plated and silicon steel, rails, oil casing a total of 23 codes.

This is since May 1, China again canceled part of the steel tariffs. May when the cancellation of export tax rebates for general steel products up to 146, mainly involving hot system plates, bars and wires and pipes and other low-end products; while retaining 23 to electrical steel, automotive and home appliances steel and other high value-added, high-tech steel products export tax rebates. In the specific tariff adjustment on May 1, pig iron, crude steel, recycled iron and steel raw materials, ferrochrome and other products to implement zero import tariffs; appropriate to increase the export tariffs of ferrosilicon, ferrochrome, high purity pig iron and other products. At the same time, the cancellation of alloy steel powder, stainless steel wire and other parts of the steel products export tax rebates. May steel exports fell sharply by 2.7 million tons, down 33.9%, the policy effect is beginning to show.

It is worth noting that Russia, another major steel exporter, has also announced that since August until December 31, on steel, aluminum, nickel and other specific metal exports, the imposition of at least 15% tariffs, and materials to stay in Russia, in order to curb the price of metal materials skyrocketing.