China will scrap tax rebates to exporters of dozens of commodities while they also face a rise in the yuan.
From July 15, the steel industry will see the removal of 9 per cent tax rebates on hot-rolled steel coil, sections, some narrow cold-rolled coil products and hot-dipped galvanized coil, the ministry said on its website on Tuesday.
The decision to go ahead with the cuts suggests Beijing remains determined to consolidate China’s chaotic steel sector as well as ease trade frictions.
China will also cancel 5 per cent rebates on exports of semi-finished copper products such as rods, bars, profiles and wires, and semi-finished nickel products including plates, sheets, strips, foils and tubes as well as on lead products such as plates, zinc products such as bars, rods, profiles and wire, and tin products such as bars, rods, profiles and wire.
