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China will adjust export tariffs on some steel products as part of efforts to push upgrading and transformation of the industry. Starting
Aug. 1, China will raise export tariffs on ferrochrome and high-purity
pig iron to 40 percent and 20 percent, respectively, according to a
circular issued by the Customs Tariff Commission of the State Council. Previous rates on the product exports stood at 20 percent and 15 percent, respectively, since May 1. The decision is aimed at pushing industrial upgrading and high-quality development in the steel sector, the circular noted. Also
on Thursday, the Ministry of Finance and the State Taxation
Administration jointly announced that China will scrap export tax
rebates on 23 types of steel products from Aug. 1. The
specific execution time will depend on the export dates indicated in
the declaration form for export goods, according to the online statement
by the finance ministry. The moves
come as China is intensifying efforts to transform the energy-consuming
steel industry for greener and high-quality growth. The country plans to
cut crude steel output to ensure it falls year on year in 2021. In
2020, crude steel output rose by 5.2 percent year on year to exceed
1.05 billion tonnes, according to the China Iron and Steel Association. Making
steel and other energy-consuming industries greener is an important
part of China's broader efforts to cut pollution and tackle climate
change. China previously announced that it would strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.
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