China targets more export tariffs to cool steel sector

China is studying imposing more tariffs on steel exports to achieve the dual objective of reducing domestic production and controlling rising prices, which reinforces concerns about inflation.

Possible tariffs under discussion range from 10% to 25%, and hot rolled steel coil is one of the products, according to two people familiar with the matter, who requested anonymity.

Authorities are looking to implement the tariffs in the third quarter, although these are still subject to final approval, one of the people said.

The world’s largest steel industry has already eliminated export tax rebates and raised tariffs on some products from early May to ensure domestic supply.

The new tariffs will target some products not covered by the previous round, according to one of the sources.

Source: Money Times

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