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China will reduce tariff on part of steel products from Jan.1st, 2018.      [2017-12-18]

Why does China abolish the export tariffs on 94 items?

 

Effective from Jan 1st 2018, China will abolish the export tariffs on 94 items, of which 9 products are within the steel category including pig iron, alloy, etc. These items are typically deemed as raw material or semi-raw material which are discouraged by China’s government from exporting due to no added-value and pollution. Steel export dropped over 30% YoY in 2017 largely owing to the halt of billet export, which used to be exported in the name of alloy square bars to enjoy the VAT rebate. The changes in the tariff policy seem not to support China’s export but actually comply much with WTO rules. China failed in 2014 with US & Japan in the rare earth case in WTO due to imposing export tariff to stop the sales of rare earth in overseas markets.

 

On Dec 15th in 2017, Tariff Commission of the State Council released the official Adjustment to Tarriff in 2018, removing the provisional export tariffs on steel rods, rebars and wires and lowering those on 200 series of hot rolled stainless steel coils, stainless ingots, stainless billets and part of ferroalloy products from 10% to 5% as well. Details are in the table below:


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