China Adjusts Export Tariffs On Some Steel Making Input Materials, Scrap, Semis And Special Steel For 2018
China’s Ministry of Finance, in a series of measures that could boost shipments, announced that China will adjust import & export taxes on many items including some steel making input materials, semis and special steels from January 1st 2018.
While clarity about various finished steel is yet to emerge, the move will eliminate export duties on pig iron from 20% to nil, ferro silicon from 25% to 20%, ferro silcomanganese from 20% to nil, ferro chrome from 40% to 15%, various types of steel scrap from 40% to nil. Some media reports say that stainless steel plate export tariffs will fall to 5% from 10%, while billet tariffs will be 10%, down from 15% currently. But not all the adjustments will be in one direction.
Some export tariffs will be raised. Ferro titanium, ferro vanadium, ferro niobium etc will be taxed at 10% as against nil in 2017.
Meanwhile, China will implement conventional tariffs (Agreed Customs Rate) with 26 countries in a bid to promote the construction of nations alongside One Belt One Road and free trade zones.