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China will increase export duties on cast iron and ferrochrome and roll back tax cuts on 23 steel products from August 1, the second adjustment in three months as it seeks to secure domestic supplies and control production to reduce emissions.
The finance ministry said in a statement on Thursday that export duties for high-purity cast iron would drop from 15% to 20%, and export duties for ferrochrome would drop from 20% to 40%.
It will also eliminate export tax cuts on 23 steel products, including some cold-rolled coils and silicon steels which have a higher added value than carbon steels.
The finance ministry said the changes “are aimed at advancing the modernization and high-quality development of the steel industry.”
China, the world’s largest steel producer, had already revised tariffs on May 1 when it removed export tax cuts on 146 steel products, increased export tariffs for cast iron and steel. ferroalloys and exempted certain imports from temporary duties.
The adjustments come at a time when the country wants to ensure domestic supply by cutting production to reduce carbon emissions.
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