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USA: Global:
Tue, Jan 28, 2020, 21:12:56 ---- The fact: 42.844.000 visitors done.

China slaps export tax on steel
Steel Business Briefing
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Company: Steel Business Briefing, UK
Attn: Andrew Goodwin

China's Ministry of Finance now says it will levy a 5-10% tax on exports of the same 83 types of finished steel, for which the VAT rebate was recently abolished. This confirms an exclusive report in Monday's Steel Business Briefing. The semis tax has also increased from 10% to 15%.

The announcement came late on May 21, and the tax will take effect for Customs clearances after June 1, 2007. SBB believes that the coke export tax has increased from 10% to 15% also, alongside a 5% rise in the pig iron tax to 15%. Other products affected by the move include ferro-alloys.

China's government has recently intensified its efforts to curb exports of energy intensive products, in a bid to reduce its use of natural resources. The Ministry of Finance points to this, as well as widening trade imbalances, as the motivation behind the export tax.

The move comes as US officials prepare to meet their Beijing counterparts in Washington in a "strategic economic dialogue." Concern over growing Chinese exports will be one of the issues for discussion, as SBB has been reporting. The president of the China Chamber of Commerce of Metals, Minerals and Chemicals, CCCMC, Chen Haoran was recently in Washington speaking to officials, as SBB has also reported.

Some traders have recently stopped offering export prices in fear that such a tax would be implemented. And as a result of traders' efforts to guard against possible moves, export prices have become "unacceptably high."

The government's export licence system for the same 83 finished steel products came into effect on Sunday May 20, SBB notes.

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