China to reduce tax rebate for steel exports to 11 pct – report

AFP via Yahoo! UK & Ireland Finance

BEIJING (AFX) – China’s State Council has approved a proposal to reduce the tax rebate for exports of steel products to 11 pct from 13 pct, the China Business News reported.

The tax rebate reduction will take effect on May 1, the report said, citing an unidentified official from the Ministry of Finance.

Analysts said lowering the rebate will slow Chinese exports of steel products and ease domestic steel shortages.

The move follows the cancellation of a 13 pct tax rebate for billet steel exports which took effect on April 1, the report added.

In an attempt to deal with its shortage of metal resources, China started abolishing or reducing tax rebates for exports of copper, aluminium and nickel in the fourth quarter last year.

China also abolished an eight pct tax rebate for electrolytic aluminum and alloy iron on Jan 1 this year.

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