China is considering the introduction of duties on steel exports

China canceled 13% discount on export duty on steel (including the abolition of 2% import tax on steel scrap and steel billets) on May 1, regarding 146 steel products. Now there are rumors that China is planning to impose additional export duties on steel.

According to sources, the main reason for the imposition of China’s steel export tax was the combination of low steel prices with low export levels in order to lower iron ore prices and meet policy goals of reducing steel production, reducing exports, reducing emissions and carbon neutrality.

As part of the new steel tax reform in China, the 13% export duty rebate on cold rolled and hot dipped galvanized steel is expected to be canceled, while additional export duties may be imposed on hot rolled steel, rebar and other steel products.

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