Chinese authorities announced new tariffs on steel imports
According to reports from China, a new table of tariffs to be applied on steel imports from January 15th, 2003 onwards has been announced. The new table shows some alterations on the existing one. SteelOrbis understands some of the new tariffs on imported steel products will be as follows.Product Import Tariff ------------ ------------- Deformed bars 3.00%(for the time being it is 4.80%) HRC with thickness upto 2.99mm 5.00%(for the time being it is 3.00%) with thickness over 3.00mm 6.00%(for the time being it is 5.00%) Hot rolled plate 6.00%(for the time being it is 5.00%) CRC with thickness 0.50-1.00mm 6.00%(for the time being it is 3.00%) with thickness over 1.00mm 6.00%(for the time being it is 6.00%) Hot dipped galvanized 4.00%(remains same) Electro Galvanized 8.00%(remains same)Market players comment that Chinese authorities aim to increase their ability to control the steel imports and therefore also introduced some alterations on the custom tariff descriptions as well. Market reaction is not known yet, but particularly the hot rolled and cold rolled material importers are expected to be unhappy about the cost increasing effect of the decision.