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 = 7209.1690 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.
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