NEWSBREAK: China plans big changes to ferrous raw materials taxes from May 1

China is planning sweeping changes to its tax regimes for ferrous raw materials from May 1, its Ministry of Finance said on April 27.

The changes are designed to guarantee the supply of steel making raw materials and continue to drive the steel industry toward high-quality growth, the ministry said.

There will be no import tariffs for pig iron, crude steel, recycled steel raw materials, ferro-chrome and other products. Export tariffs, however, will increase to 25% for ferro-silicon, 20% for ferro-chrome and 15% for high-purity pig iron, the ministry said.

“The tax changes are meant to reduce import costs and increase imports of steel making raw materials. It is also meant to reduce domestic crude steel production and reduce total energy consumption. This will promote the upgrading of the steel industry,” the ministry said.