China’s export rebate rates for certain steel products are to be increased, as announced at the State Council executive meeting presided over by Chinese Premier Wen Jiabao on March 25.
As per previous information obtained by SteelOrbis, the export rebate rate for high value added products such as CRC, HDG and PPGI was expected to be increased from five percent to 17 percent, and to 13 percent for HR products, effective as of April 1, 2009. A further announcement to confirm the details of the rates per product is also expected now, following todays decision.
It was stated at the State Council meeting in question that, in order to tackle the global financial crisis, stimulate economic growth and implement plans for restructuring and invigorating ten key industries, export rebate rates are to be increased for some products, specifically for certain textile and steel products as of April 1 this year.
In a proposal submitted recently by the China Iron and Steel Association (CISA), it had been recommended that export rebate rates for cold rolled and galvanized products should be adjusted to 17 percent.