China cuts tax rebate on exports of steel, base metals
Source: Bloomberg
China cut tax rebates on exports of some steel products and coal to restrict shipments abroad and address domestic shortages, the country's top planner said on Sunday
The tax rebate on some steel products will be reduced to 11%, while the refunds on exports of coal, tungsten, zinc, tin and antimony will be pared to 8%, the Beijing-based National Development and Reform Commission said in a statement on its Web site. It didn't specify what steel products are affected nor give the previous rates.
The new rates are aimed at curbing the export of 'energy-consuming resources' and easing the country's 'coal, electricity, fuel and transport' shortages, the commission said. The changes take effect from Sunday.
China also cancelled export rebates on rare earth, primary wood and seven other products, the commission said. Starting from June 1, China will raise export tariffs on yellow phosphorus to 20% from 10%, and impose new tariff of 5% on ferro-silicon exports, the planning agency said.
China, the world's largest producer and user of steel, last month abolished a 13 percent tax rebate on exports of pig iron, iron ingots and some semi-finished steel products to cope with increased domestic demand. The country removed a tax rebate on exports of nickel, a material used to make stainless steel, on January 1.
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