Monday, May 21, 2007

China imposes export tax on steel products

21 May 2007, Monday

Beginning from June 1st 2007, China government will slap export duties of 5% to 10% on over 80 steel products lately brought under export license regime, following its latest string of policy moves to tame the rampant exports of the material. The moves are aimed at containing exports of high energy consuming and polluting products.
A statement on the website of China’s Ministry of Finance said that steel products subject to such imposition include common carbon wire rod, flat steel, sections and other steel varieties. The statement added that export duties on semi steel products, such as billet & slab, ingot and pig iron, will be raised to 15% from the present 10%.
China's exports of steel products hit a record 7.16 million tonnes in April 2007, as mills and traders raced to beat a change in export policy that took effect on April 15th 2007, when China removed export rebates on 83 types of steel products while reducing the rebates on more value added products to 5%.
On April 30th 2007, Ministry of Commerce and General Administration of China Customs issued a policy on New Export License System for some steel products. According to the policy, a new export license system will be carried out for the afore-mentioned 83 steel products since May 20th 2007, including deformed bar, wire rod, hot-rolled, medium & heavy plate and part of sections. But the majority of Cold rolled & Galvanized products and all tubes & pipes are exempted from the new export license system.

Source - Steel Guru


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