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  • Product Name: Export tariffs on pig iron and billet will be lowered
  • Added time: 2018-07-18

In order to fully implement the spirit of the Party’s 18th and 18th Central, 4th and 5th Plenary Sessions, we will consider and comprehensively apply the international and domestic markets and resources to support industrial transformation and upgrading, and promote the transformation of foreign trade development mode. To promote sustained and healthy economic development, the State Council's Customs Tariff Commission will review and report to the State Council for approval. From January 1, 2016, China will partially adjust import and export tariffs.
In order to promote the steady growth of import and export, strengthen the import of advanced technologies, products and services, increase effective supply, and promote domestic independent innovation and industrial structure optimization and upgrading, 2016 tariff adjustment will continue to encourage domestically needed advanced equipment, key components and energy raw materials. Imports, by means of a provisional tax rate to reduce the import tariffs on traction converters for high-speed electric locomotives, video camera imaging modules, motor controller assemblies for pure electric or hybrid vehicles, chrome-free tinctures, beef and sheep oils and other commodities. In order to enrich the domestic consumer shopping choices and adapt to the domestic consumption upgrade demand, in 2016, the scope of tax reduction for daily consumer goods will be appropriately expanded, and the bags, clothing and scarves with relatively high import tariff rates and high import demand elasticity will be reduced by the provisional tax rate. Import duties on commodities such as blankets, vacuum flasks and sunglasses. In order to give full play to the protective effect of tariffs on domestic industries, according to the situation that domestic production meets demand, in 2016, tariffs on some commodities such as automatic winders will be adjusted accordingly. At the same time, in 2016, export tariffs on products such as phosphoric acid, ammonia and ammonia will be eliminated, and export tariffs on raw materials such as pig iron and billet will be appropriately reduced.
Mysteel estimates that export tariffs on rebar and wire will also be lowered.

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