Pig iron, billet export tariffs will be reduced

In order to fully implement the spirit of the Party's communism and the 18th Central Committee's Third, Fourth, and Fifth Plenary Sessions, it will consider and comprehensively use international and domestic markets and resources, support industrial transformation and upgrading, and promote the transformation of foreign trade development methods. The promotion of sustained and healthy economic development has been reviewed by the Customs Tariff Commission of the State Council and submitted to the State Council for approval. Since January 1, 2016, China will make partial adjustments to import and export duties.

In order to promote the steady growth of imports and exports, strengthen the import of advanced technologies, products and services, increase effective supply, and promote domestic independent innovation and industrial structure optimization and upgrading, tariff adjustment in 2016 will continue to encourage the domestic advanced equipment, key components and energy raw materials needed urgently. To reduce the import duties of high-speed electric locomotives such as traction converters, TV camera image acquisition modules, motor controllers for pure electric or hybrid vehicles, chrome-free tanning agents, and cattle and sheep fat, etc., at a temporary tariff rate. In order to enrich domestic consumers' shopping choices and adapt to the needs of domestic consumption upgrades, the scope of tax reduction for daily consumer goods will be appropriately expanded in 2016 to reduce the tariffs for luggage, clothing, and scarves with relatively high import tariff rates and relatively high import demand rates. Import tariffs for goods such as blankets, vacuum flasks, sunglasses, etc. In order to give full play to the protection of tariffs on domestic industries, according to domestic production to meet demand, tariffs for some products such as automatic winders will be adjusted accordingly in 2016. At the same time, the export tariffs for products such as phosphoric acid, ammonia, and ** will also be eliminated in 2016, and export duties on pig iron, steel billets and other commodities will be appropriately reduced.

Mysteel estimates that export tariffs on rebar and wire rods will also be lowered.