China, which produces a third of the world’s steel, will raise export tariffs on some steel products from Jan. 1 to help rein in a record trade surplus and reduce energy consumption and pollution.
It didn’t give details on new tax rates. The country will also impose export tariffs on coal, crude oil and metal ores next year, the Ministry of Finance said in a statement on its Web site late yesterday.
China, seeking to curb a record trade surplus, cut tax rebates and raised duties on steel shipments this year. The Asian nation’s exports have pressured rivals, leading the European Union last month to threaten tariffs to shield its producers, including ArcelorMittal, the world’s largest steelmaker.