China raises export tariffs on steel products to push industrial upgrading

Photo taken on Feb. 21, 2020 shows a factory of China Baowu Steel Group Corporation Limited in Shanghai, east China. (Xinhua/Ding Ting)

BEIJING, July 29 (Xinhua) -- China will adjust export tariffs on some steel products as part of efforts to push upgrading and transformation of the industry.

Starting Aug. 1, China will raise export tariffs on ferrochrome and high-purity pig iron to 40 percent and 20 percent, respectively, according to a circular issued by the Customs Tariff Commission of the State Council.

Previous rates on the product exports stood at 20 percent and 15 percent, respectively, since May 1.

The move is aimed at pushing industrial upgrading and high-quality development in the steel sector, the circular noted.