From August 1, China appropriately raised the export tariffs of ferrochrome and high-purity pig iron, and implemented the export tax rates of 40% and 20% respectively after adjustment. At the same time, China has also cancelled export tax rebates for 23 kinds of iron and steel products, such as cold rolled, coated plates and electrical steel. This is the second time this year that China has adjusted the export tax policy of iron and steel products. Previously, China has adjusted the tariffs of some iron and steel products and cancelled the export tax rebate of some products since May 1. After this adjustment, the vast majority of steel export tax rebates have been cancelled. The continuous adjustment of export tax rate of iron and steel products is mainly to ensure domestic supply.
Because this year, under the background of carbon peak and carbon neutralization, the iron and steel industry has the direction of reducing output. In this context, it will certainly have an impact on the domestic resource supply. Abolishing export tax rebates or raising export tariffs is certainly a direction and measure for the optimization of the whole allocation of resources. In this way, part of the resources originally exported can be returned to China, so as to promote the optimization of the supply-demand relationship of the iron and steel industry.
Just like you, 70% customers choose long-term cooperation with BBN steel not only for our good product and service quality, good reputation in the international market, but also for our experienced one-stop raw material supply and further steel processing!