Tariff adjustment and cancellation of tax rebates for steel products come into effect

On April 28, 2021, the State Council Tariff Commission’s “Announcement on Adjusting Tariffs on Certain Steel Products” stated that in order to better protect the supply of steel resources and promote the high-quality development of the steel industry, with the approval of the State Council, the State Council’s Tariff Commission recently issued an announcement, effective from May 1, 2021 to adjust the tariffs on some steel products. Among them, the zero import tariff rate for pig iron, crude steel, recycled steel raw materials, ferrochrome, etc., is implemented;  the export tariffs for ferrosilicon, ferrochrome, high-purity pig iron and other products are appropriately increased, and 25% export tax rate, 20% temporary export tax rate and 15% temporary export tax rate are respectively implemented after adjustment.

The Ministry of Finance and the State Administration of Taxation issued the "Announcement on the Cancellation of Export Tax Rebates for Certain Steel Products" stating that from May 1, 2021, export tax rebates for certain steel products will be cancelled. The specific execution time shall be defined by the export date indicated on the export goods declaration form. A list of 146 steel products subject to the cancellation of export tax rebates includes pig iron, seamless and ERW pipes (all sizes), hollow sections, wire rods, rebar, PPGI/PPGL coils and sheets, CRS, HRC, HRS and plates in carbon, alloy/SS, SS/alloy bars and rods, round/square bars/wires, structural and flat products, steel sheet piles, railway materials, and articles of cast iron.

The Tariff Commission of the State Council stated that the above adjustment measures will help reduce import costs, expand imports of steel resources, support domestic reduction in crude steel production, guide the steel industry to reduce total energy consumption, and promote the transformation and upgrading of the steel industry and high-quality development.

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