China raised export tariffs on ferrochrome and high-purity pig iron to 40 percent and 20 percent. This adjustment is aimed at pushing industrial upgrading and high-quality development in the steel sector.
The Ministry of Finance and the State Taxation Administration jointly announced that China will scrap export tax rebates on 23 types of steel products from 1st, Aug. The specific execution time will depend on the export dates indicated in the declaration form for export goods, according to the online statement by the finance ministry.
The moves come as China is intensifying efforts to transform the energy-consuming steel industry for greener and high-quality growth. The country plans to cut crude steel output to ensure it falls year on year in 2021.
In 2020, crude steel output rose by 5.2 percent year on year to exceed 1.05 billion tonnes, according to the China Iron and Steel Association. Making steel and other energy-consuming industries greener is an important part of China's broader efforts to cut pollution and tackle climate change. The object is to strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.
