China's Ministry of Finance has announced that it will impose an import tariff on steel products which are to be exported after domestic processing. 78 different steel products will be subject to the new import tariff, including hot rolled products, cold rolled products, narrow strip, wire rod, beams, steel wire and electrical steel.
The new import tariff will become effective on July 31, while import contracts signed before July 31 will be exempted from the new protective tariff. The ministry has not disclosed the rate of the import tariff.