China’s Ministry of Finance (MOF) has announced that it will increase the export tax rebate rate on certain steel products as of September 15 this year, with the affected products being alloy steel powder, cold rolled coil with thickness greater than or equal to 3 mm and yield strength stronger than 355 newtons per square millimeter, narrow sheet of painted or plasticized iron or non-alloy steel, metallic wire or non-alloy steel wire hot galvanized or color coated with base metals, hot-processed stainless steel round bar, hot-processed stainless steel bar with other sections, cold-formed or cold-processed stainless steel bar, other stainless steel bar, stainless angles, sections and profiled bar, stainless steel wire, and silicon manganese steel wire. The customs tariff codes in question are 72052100, 72091510, 72124000, 72173090, 72221100, 72221900, 72222000, 72223000, 72224000, 72230000 and 72292000.
In particular, the export tax rebate rate for cold rolled coil with thickness greater than or equal to 3 mm and yield strength stronger than 355 newtons per square millimeter (72091510) and for metallic wire or non-alloy steel wire hot galvanized or color coated with base metals (72173090) will be increased to 13 percent, while the rebate rate for the other products will be raised to nine percent.
Implementation will be determined in relation to the date of export specified on the customs declaration form.