China has raised export tariffs on ferrochrome and high-purity pig iron to 40 percent and 20 percent, respectively. This adjustment aims to promote industrial upgrading and high-quality development within the steel sector.
The Ministry of Finance and the State Taxation Administration jointly announced that export tax rebates on 23 types of steel products will be cancelled starting August 1st. The exact implementation date will be based on the export dates listed in the declaration forms for exported goods, according to an online statement from the Ministry of Finance.
These policy changes come as China steps up efforts to transform its energy-intensive steel industry toward greener and higher-quality development. The country has set a goal to reduce crude steel output in 2021, ensuring a year-on-year decline.
In 2020, China’s crude steel output increased by 5.2 percent year-on-year, surpassing 1.05 billion tonnes, according to the China Iron and Steel Association. Greening the steel industry and other high-energy-consuming sectors is a key part of China’s broader strategy to reduce pollution and combat climate change. The nation aims to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.
