Bloomberg July 29 2021: China raised tariffs on some steel materials, and removed rebates on cold-rolled products, as authorities ramp up efforts to overhaul the sector and tame a surge in prices.
The export tariff on ferrochrome — used in stainless steel — will rise to 40 percent from 20 percent starting Aug. 1, and the levy on high-purity pig iron will increase to 20 percent from 15 percent, the Ministry of Finance said. Export tax rebates will be removed from 23 items, including some cold-rolled coil products, it said.
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It also said it would remove tax rebates for 23 types of steel products, including cold-rolled coils and steel rails.
China earlier this year imposed higher tariffs on several commodities to rein in surging prices and meet domestic demand. Beijing also moved to cap prices on many industrial products, while releasing national reserves of metals to cool increases.
