VAT cut weighs on China’s stainless steel market

China’s stainless steel sellers cut their prices over the past week following the reduction of the country’s value-added tax rates.

Fastmarkets MB’s domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,400-14,800 yuan ($2,145-2,205) per tonne including VAT for the week ended Wednesday April 3, down 100 yuan per tonne from a week earlier. The VAT rate for the manufacturing sector including steel was lowered to...

Published

Jessica Zong

April 04, 2019

05:10 GMT

Shanghai