China remove export tax rebates on 23 kinds steel products

Starting August 1, China will remove export tax rebates on 23 steel products including carbon and alloy steel cold-rolled coils (CRCs), galvanized, galvalume, coated sheets, tinplate, electrical steel, steel rail, and seamless pipes for the oil and gas industry, according to the joint announcement by China's Ministry of Finance (MoF) and State Taxation Administration.

The announcement is dated July 28, but was released on the MoF website on July 29, two days before the effectiveness. This has, thus, confirmed part of the market speculation about China’s intention to remove the 13% tax rebates on the exports of some steel flats such as CRCs, but at