China to Cut Some Steel Export Taxes in 2016 Amid Worsening Glut
- Pig iron, billets tariffs cut to 10-20% from January
- Tariffs on rebar, coils may be reduced, Mysteel says
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China will cut some steel products export tariffs next year, succumbing to pressure from worsening domestic oversupply and risking increased trade frictions as shipments surge to their highest ever from the world’s biggest producer.
China will slash export tariffs on high-purity pig iron to 10 percent and some steel billets to 20 percent on Jan. 1 , down from a temporary rate of 25 percent this year, the Ministry of Finance said Wednesday in a statement on its website. The country’s steel products exports surged 22 percent in the first 11 months to a record 101.7 million tons.