Last month, Chinese exports of stainless steel products rebounded after the drop in October. The overall amount increased even though shipments to India significantly reduced. 

 

China announced new tax codes for sheet metal product.

China’s government,changed the tax code of coated sheet, hot rolled sheet and cold rolled sheet.

The tax commission of China’s State Council announced that it has made some changes in the tax codes of high value-added steel products. Added categories:

Hot Rolled Sheet = 7209 5120 and 7208 5190

Cold Rolled Sheet =7290 1690 and 7209 1790

Coated Sheet =7210 4900

The export tonnage of these new categories in January-November 2023 amounted to 14 million mt and constituted 17% of total steel exports.

China abolished the tax refund on exports for all steel products in 2021. In the current situation, it is said that the tax refund applied to the export of high value-added steel products may come back.