China Squeezes Steel Exports Again to Expand Sector Overhaul
- Levies on some materials raised, export tax rebates scrapped
- Exports rebounded in June even after earlier round of measures
Photographer: SeongJoon Cho/Bloomberg
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China raised tariffs on some steel materials, and removed rebates on cold-rolled products, as authorities ramp up efforts to overhaul the sector and tame a surge in prices.
The export tariff on ferrochrome -- used in stainless steel -- will rise to 40% from 20% starting Aug. 1, and the levy on high-purity pig iron will increase to 20% from 15%, the Ministry of Finance said. Export tax rebates will be removed from 23 items, including some cold-rolled coil products, it said.