The Ministry of Finance and the State Administration of Taxation said on the 22nd that the export tax rebates for 48 kinds of steel products will be cancelled from July 15. Insiders pointed out that this move will increase the pressure on the domestic steel market adjustment in the short term.
The reporter learned that the list of goods that canceled the export tax rebate covered 48 kinds of steel products, covering all the hot rolled products, while the cold rolled coil was a product with a width of <600mm, in addition to a small number of profiles. Among them, hot rolled coil, plate, strip and large h-beam are the main varieties affected, and these products will no longer enjoy 9% export tax rebate. According to the export situation in the first four months of this year, about 40% of steel exports will be affected.
At present, it seems that the enterprises with large export volume of hot coil are Angang, Benxi Steel, Beigang and Shagang; medium and heavy plates are Baosteel, Jinan Iron and Steel, Xingang and Nangang; and large H-beams are Laiwu Steel and Maanshan Iron and Steel. Analysts believe that the cancellation of export tax rebates may worsen the profitability of some steel companies.
Guo Jin Securities analyst Yan Hui told reporters that after the return of steel, it will increase the pressure on domestic steel supply and demand, steel prices continue to downside risks, corporate profits will be affected to a certain extent.
The Shougang Group sales company is responsible for telling reporters that since the hot rolls are produced by large enterprises, canceling the export tax rebate for hot rolled products will have an impact on large enterprises. However, the absolute export volume of large enterprises to hot coil products is not large. For Shougang, “when the export situation is good, our hot coil export ratio is 3%-5%; when the situation is not good, it may be It does not export at all, so it will not have much impact on the company."
The <600mm cold rolled coil products that have been canceled tax rebates are mainly produced by small and medium-sized private enterprises. The above-mentioned Shougang people believe that the introduction of policies will have a greater impact on such enterprises.
Relevant experts believe that steel products are included in the list of cancellation of export tax rebates, mainly because the country hopes to adjust the industrial structure through the export restrictions on “two high and one capital†(high energy, high emissions, resource) products, another reason It is to deal with the escalating trade frictions.
Officials of the Policy and Regulation Department of the General Administration of Customs have previously told this reporter that as international trade protectionism intensifies and pressures continue to increase, China hopes to reduce the export tax rebate by actively reducing the future into a more passive situation. "Rather than letting foreign countries impose higher anti-dumping and countervailing duties, it is better to adjust the steel export market by lowering the tax rebate," the official said.
The reporter learned that the list of goods that canceled the export tax rebate covered 48 kinds of steel products, covering all the hot rolled products, while the cold rolled coil was a product with a width of <600mm, in addition to a small number of profiles. Among them, hot rolled coil, plate, strip and large h-beam are the main varieties affected, and these products will no longer enjoy 9% export tax rebate. According to the export situation in the first four months of this year, about 40% of steel exports will be affected.
At present, it seems that the enterprises with large export volume of hot coil are Angang, Benxi Steel, Beigang and Shagang; medium and heavy plates are Baosteel, Jinan Iron and Steel, Xingang and Nangang; and large H-beams are Laiwu Steel and Maanshan Iron and Steel. Analysts believe that the cancellation of export tax rebates may worsen the profitability of some steel companies.
Guo Jin Securities analyst Yan Hui told reporters that after the return of steel, it will increase the pressure on domestic steel supply and demand, steel prices continue to downside risks, corporate profits will be affected to a certain extent.
The Shougang Group sales company is responsible for telling reporters that since the hot rolls are produced by large enterprises, canceling the export tax rebate for hot rolled products will have an impact on large enterprises. However, the absolute export volume of large enterprises to hot coil products is not large. For Shougang, “when the export situation is good, our hot coil export ratio is 3%-5%; when the situation is not good, it may be It does not export at all, so it will not have much impact on the company."
The <600mm cold rolled coil products that have been canceled tax rebates are mainly produced by small and medium-sized private enterprises. The above-mentioned Shougang people believe that the introduction of policies will have a greater impact on such enterprises.
Relevant experts believe that steel products are included in the list of cancellation of export tax rebates, mainly because the country hopes to adjust the industrial structure through the export restrictions on “two high and one capital†(high energy, high emissions, resource) products, another reason It is to deal with the escalating trade frictions.
Officials of the Policy and Regulation Department of the General Administration of Customs have previously told this reporter that as international trade protectionism intensifies and pressures continue to increase, China hopes to reduce the export tax rebate by actively reducing the future into a more passive situation. "Rather than letting foreign countries impose higher anti-dumping and countervailing duties, it is better to adjust the steel export market by lowering the tax rebate," the official said.
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