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China Studies Cutting Steel Product Export Rebates
01/06/2010 12:00
May 26 (Bloomberg) -- China, the world’s largest steel producer, is studying cutting export rebates for the metal as it faces increasing tariffs imposed by the U.S. and European Union.
“The government agencies, including the tax bureau, are studying this,” Wu Genping, an official at the customs office, said today at a conference in Kunshan. “Exports have risen too fast. If we don’t do this, others will impose anti-dumping measures on us.”
China has been slapped with tariffs for goods ranging from pipes to tires, with U.S. and European manufactures arguing the nation subsidizes its producers. Chinese steel product exports have doubled in the first four months of the year as the global economy recovers.
The government is looking at cutting rebates for flat steel products and pipes, said Wu, who isn’t involved in the study.
Rebates for hot-rolled coil of 9 percent may be eliminated, and those for cold-rolled coil and galvanized products may be cut to 9 percent from 13 percent, the 21st Century Business Herald reported today, citing an unidentified official at Hebei Iron & Steel Group.
Steel product exports by China surged to 13 million tons, worth about $10 billion, in the January-to-April period from a year ago, according to customs data on May 10.
“The government agencies, including the tax bureau, are studying this,” Wu Genping, an official at the customs office, said today at a conference in Kunshan. “Exports have risen too fast. If we don’t do this, others will impose anti-dumping measures on us.”
China has been slapped with tariffs for goods ranging from pipes to tires, with U.S. and European manufactures arguing the nation subsidizes its producers. Chinese steel product exports have doubled in the first four months of the year as the global economy recovers.
The government is looking at cutting rebates for flat steel products and pipes, said Wu, who isn’t involved in the study.
Rebates for hot-rolled coil of 9 percent may be eliminated, and those for cold-rolled coil and galvanized products may be cut to 9 percent from 13 percent, the 21st Century Business Herald reported today, citing an unidentified official at Hebei Iron & Steel Group.
Steel product exports by China surged to 13 million tons, worth about $10 billion, in the January-to-April period from a year ago, according to customs data on May 10.
--Helen Yuan. Editors: Tan Hwee Ann, Indranil Ghosh.
May 26, 2010, 2:20 AM EDT
Source: www.businessweek.com
May 26, 2010, 2:20 AM EDT
Source: www.businessweek.com
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