China’s Ministry of Finance (MOF) announced on March 17 that steel’s export tax rebates for more than 1,000 items, will be increased to 13 percent as of March 20, while it is at 9-10 percent for many products at the moment.

The increases in export tax rebates of those steel products will lower the export costs and increase exporters competitiveness, which will exert a positive impact on the Chinese steel industry in the future. The effect will be seen in the HRC and wire rod export markets, as current tax rebate is 10 percent for these products.

The steel products, which will enjoy 13 percent tax rebate, include HS customs codes covering from 72052100 to 72299090, including different kinds of stainless steel, steel bars, wire, wire rod, HRC, CRC, HDG, plate and sections.