China announced on 29 July 2021 that it would cancel export tax rebates on a further 23 steel products from 1 August, completing the removal of rebates across the steel sector. The second round covered cold-rolled coil, galvanised and galvalume sheet, coated steel, tinplate, electrical steel, steel rails and seamless pipes for the oil and gas industry. Together with the 146 products covered in April, all 169 steel products that had enjoyed rebates lost them. The Ministry of Finance announcement was dated 28 July but published on 29 July, two days before it took effect. At the same time, the export tariff on ferrochrome rose from 20 percent to 40 percent. The move confirmed Beijing's determination to discourage steel exports and keep output for the domestic market while cutting carbon emissions. Market watchers noted that no new export tax on flat steel was announced, despite weeks of speculation, and said the removal of rebates would lift import prices in Europe and the Middle East.
Source: SEAISI (Mysteel Global) — https://www.seaisi.org/details/2762?type=news-rooms
Photo: Wikimedia Commons (freely licensed).