China abolished steel export tax rebates.
:  : May 04,2021
Beijing has decided to remove the export tax rebates on 146 kinds of steel products commencing May 1, according to an April 28 joint announcement from China's Ministry of Finance and State Taxation Administration.

After the long wait and market speculation, China's governing bodies have finally announced the list of the steel products that will no longer enjoy any tax rebates when exporting, and the new measure will be applied to "the export date specified in the Customs declaration forms", the joint statement explained briefly.

The 146 products cover carbon, alloy and stainless steel products such as alloy steel powder, hot-rolled, cold-rolled, galvanized, galvalum, and coated carbon steel flats, welded pipes, and hot-rolled, pickled, cold-rolled stainless flats, tubes and pipes, bars and wire rods, steel rails, and angles. the HS codes of the affected steel items start with the four digits including 7205, 7209, 7210, 7212, 7214, 7217, 7219, 7220, 7221, 7222, 7223, 7225, 7226, 7227, 7228, 7229, 7301, 7302, 7303, 7304, 7305,7306 and 7307, Mysteel Global learnt from product list attached to the announcement.

This move will cause a storm in the steel industry. However, we still firmly believe that the stainless steel industry can calm down the wind and develop steadily in the short term.