China raises steel export tariffs again in bid to boost carbon neutral goal
- Export tariffs for high-purity pig iron will be lifted to 20 per cent from 15 per cent, and tariffs for ferrochrome will be increased to 40 per cent from 20 per cent
- China will also cancel export tax rebates for 23 steel products, including some cold-rolled coils and silicon steel
China will raise export tariffs for pig iron and ferrochrome, and remove export tax rebates for 23 steel products from Sunday, the second adjustment in three months as it seeks to ensure domestic supply while controlling output to curb emissions.
The country will also cancel export tax rebates for 23 steel products, including some cold-rolled coils and silicon steel which have higher added-value compared with carbon steel.
“[The changes] aim to promote upgrade and high-quality development of the steel industry,” said the finance ministry.
China, the world’s top steel producer had already adjusted its tariffs on May 1, when it removed export tax rebates for 146 steel products, hiked pig iron and ferroalloys export tariffs and exempt some temporary import tariffs.