International Steel Prices
January 15, 2021
CRU: China Removes VAT Rebate on Steel Exports
Written by CRU Americas
By CRU Analyst Kevin Bai from CRU’s Steelmaking Raw Materials Monitor
China has announced that it will remove the value-added tax (VAT) rebate it has historically applied to steel exports, alongside changes in import and export tariffs. This will increase the cost of exporting and discourage export volumes, which will help loosen a tight domestic market. Initially, due to the height of flat products prices elsewhere in the world, the greatest impact on trade volumes will be for carbon steel long products.
