China raised export tax rebate on almost 1,500 products, including stainless steel strip and wire

SHANGHAI, Mar 20 (SMM) – China has increased export tax rebates on almost 1,500 products, including stainless steel strip and wire, to offset the fallout from the fast-spreading COVID-19 pandemic.

The Ministry of Finance said on Tuesday that rebate on 1,084 products, including porcelain sanitary ware, would increase to a rate of 13% from Thursday March 20, while another 380 products would see the rebate rise to a rate of 9%.

According to the list issued by the ministry, the export tax rebate rate on certain stainless steel strip and wire products will increase from 10% to 13%.

SMM data showed that China exported about 3.67 million mt of stainless steel in 2019, including 6.35% or 233,000 mt of narrow strips.