Export prices for Chinese stainless steel set to soar on rebate removal

Export prices for Chinese stainless steel softened in the past week, but exporters plan to raise their offers after China’s Ministry of Finance said the 13% export tax rebate for such products would be removed from May 1.

According to a notice released by the ministry late on Wednesday April 28, stainless flat steel products classified under the following Harmonized System codes will no longer be entitled to the rebate: 72191100, 72191210, 72191290, 72191319, 72191329, 72191419, 72191429, 72192100, 72192200, 72192300, 72192410, 72192420, 72192430, 72193100, 72193210, 72193290, 72193310, 72193390, 72193400, 72193500, 72199000, 72201100, 72201200, 72202020, 72202030, 72202040, 72209000.
The export rebate for stainless long steel and section under HS codes 72210000, 72221100, 72221900, 72222000, 72223000, 72224000 and 72230000 will also be removed.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 15,000-16,100 yuan ($2,313-2,482) per tonne, up by 100 yuan per tonne from a week earlier.

Domestic...

Published

Jessica Zong

April 29, 2021

06:23 GMT

Shanghai