(July 29): 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.