Starting from May 1st, my country will adjust tariffs on some steel products

NEWS 2024.06.07

In order to better guarantee the supply of steel resources and promote the high-quality development of the steel industry, with the approval of the State Council, the Tariff Commission of the State Council recently issued an announcement to adjust the tariffs of certain steel products starting May 1, 2021. Among them, the zero import tariff rate for pig iron, crude steel, recycled steel raw materials, ferrochrome and other products is implemented; the export tariffs for ferrosilicon, ferrochrome, high-purity pig iron and other products are appropriately increased, and the export tax rate of 25% and 20% are respectively implemented after adjustment. % Temporary export tax rate, 15% temporary export tax rate.

The above adjustment measures are conducive to reducing import costs, expanding imports of steel resources, supporting domestic reduction in crude steel production, guiding the steel industry to reduce total energy consumption, and promoting the transformation and upgrading of the steel industry and high-quality development.

Article source: Ministry of Finance of the People's Republic of China

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