China to remove export tax rebates on 23 steel products
Posted on 30 July 2021
Starting August 1, China will remove export tax rebates on 23 steel products including carbon and alloy steel cold-rolled coils (CRCs), galvanized, galvalume, coated sheets, tinplate, electrical steel, steel rail, and seamless pipes for the oil and gas industry, according to the joint announcement by China's Ministry of Finance (MoF) and State Taxation Administration.
The announcement is dated July 28, but was released on the MoF website on July 29, two days before the effectiveness.
This has, thus, confirmed part of the market speculation about China’s intention to remove the 13% tax rebates on the exports of some steel flats such as CRCs, but at the same time it has proven the other part untrue, as China will not impose taxes on certain steel products at the start of August, at least until now, Mysteel Global noted, though at an industrial event in Shanghai on July 28, delegates were still holding varied views on the possiblity of China's steel export tax revision, as reported.
Among the affected products, electrical steel has included both grain-oriented and others, and seamless pipes are mainly for oil and natural gas drilling projects, according to the attachment.
The 23 steel products are under the HS codes of 72091510, 72091590, 72091610, 72091690, 72091710, 72091790, 72091810, 72091890, 72101200, 72103000, 72104900, 72106100, 72251100, 72251900, 72255000, 72259100, 72259200, 72261100, 72261900, 73021000, 73042910, 73042920, 73042930.Source : Mysteel Global