China adjusts tariffs on steel products to push industrial upgrading
BEIJING, April 28 (Xinhua) -- China will adjust tariffs on some steel products to lower import costs as part of efforts to push the industry's upgrading and transformation.
Starting on May 1, China will apply provisional zero import tax rate on pig iron, crude steel, recycled steel raw materials and ferrochrome, according to a circular issued by the Customs Tariff Commission of the State Council.
Export tariffs on ferrosilicon, ferrochrome, high-purity pig iron would be raised to 25 percent, 20 percent and 15 percent, respectively.
The adjustment is aimed at reducing import cost, expanding steel imports, supporting domestic producers to cut crude steel output, guiding the industry to cut energy consumption and pushing industrial upgrading and high-quality development in the sector, according to the circular. Enditem