China considers imposing more tariff on steel export

30 Jul 2021 CW Team

China cuts the production of steel, ensuring adequate availability of important metals in the sovereign. It is discouraging the exports of the products. According to the report, China is considering more tariffs on steel products.

The country is imposing 10-25% export duty on steel products like Hot-Rolled Coil in the third quarter (Q3).

Since May, the country has revoked rebates on export duties and raised tariffs on steel products to keep more products within the Chinese borders. The value-added tax (VAT) funds range between 10-13% on nearly 146 steel producers who are no longer its exporter.

So, the price of Chinese Steel in the foreign market is extremely low. With the increasing export duty, Chinese Steel companies will have to increase the price of their products, which makes them non-competitive in foreign markets.

The country is the biggest steel exporter but now it is in the middle of the decarbonising drive. It is limiting carbon emission by limiting steel production in one of its most polluting industries. The mills have asked the companies to keep the production at the same rate as was in 2020. According to S&P Platts, Chinese mills would have to cut down the production by 58 million tonnes to reach the target.

The VAT revocation was seen in China's exports in May, dropping to 5.27 million tonnes after 7 million tonnes for two months. The June production dropped to 93.9 million tonnes from 99.5 million tonnes in May. But this loss of China benefits the worldwide steelmakers, including India.

With the Production Linked incentive scheme, India is gaining steel market shares as China is giving up. Indian steel mills are exporting more steel when the domestic market slows down. India gains benefit since China gives up on the market.

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Also read: Steel production in India hit due to iron ore export to China

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