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Tax changes hit steel exporters
By Pan Xiaoyi |
June 23, 2010, Wednesday
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Online Edition
Online Edition
CHINA'S steel industry will be hit by the removal of tax rebates on some products, and is already squeezed by higher iron ore prices and dropping domestic steel prices, analysts said today.
The State Council, China's cabinet, called off the 9-percent export tax rebates on 406 products including 46 kinds of steel products, effective on July 15.
About half of steel exports fall into these categories. The move exceeded market expectations on reducing the rebates to 7 percent to ease increasing trade rows and anti-dumping investigations, analysts said.
"The scrapping of the tax rebate is a double hit for domestic steel mills against the falling prices of steel exports due to a slowdown in external demands," said Liu Yuanrui, a Changjiang Securities Co analyst.
Meanwhile, some exporters have taken orders in advance on speculation of a change in the tax rebate. Steel exports amounted to 17.96 million tons in the first five months, up 127.34 percent year on year.
The State Council, China's cabinet, called off the 9-percent export tax rebates on 406 products including 46 kinds of steel products, effective on July 15.
About half of steel exports fall into these categories. The move exceeded market expectations on reducing the rebates to 7 percent to ease increasing trade rows and anti-dumping investigations, analysts said.
"The scrapping of the tax rebate is a double hit for domestic steel mills against the falling prices of steel exports due to a slowdown in external demands," said Liu Yuanrui, a Changjiang Securities Co analyst.
Meanwhile, some exporters have taken orders in advance on speculation of a change in the tax rebate. Steel exports amounted to 17.96 million tons in the first five months, up 127.34 percent year on year.
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