Most China exporters express relief at scope of tax increases

Dec 27, 2007 | 02:05 PM |

Chinese steel exporters expressed relief that the government's latest steel export tax revisions were broadly in line with market expectations, but said some smaller producers could be hit hard by the changes.

China's Ministry of Finance announced an increase in export duties to 25 percent on semi-finished steel, 15 percent on hot-rolled strip and 15 percent on long products, effective Jan. 1.

Market participants had expected the Chinese government to increase taxes to 20 percent on semis, 10 percent on hot-rolled strip and 15 percent on long products.

"Most of the rumors have turned out to be true in the end, so we have been kind of ready for it," a steel exporter in northeastern Liaoning province said.....





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