According to building materials news, China will adjust the import and export tariff rate of some commodities from June 1. Of the 142 commodities subject to export tariff, more than 80 kinds of steel commodities will be subject to 5% - 10% export tariff. These products mainly include ordinary carbon steel wire rod, plate, profile and other steel products. At the same time, the tax rate of primary steel products, such as billets, ingots and pig iron, which were already subject to export tariffs last year, has also been raised from 10% to 15%.
Analysts believe that the new tax rate will have a negative impact on steel companies with a large proportion of exports, and may impact domestic steel prices in the medium and long term.The main purpose of this adjustment is to further control the export of high energy consumption, high pollution and resource products, increase the import of energy, resource products and key parts, and promote trade balance. This is also conducive to the further optimization of China's steel product structure.