China plans to lift import duties on the import of pig iron, steel semi-finished products, scrap and ferrochrome from May 1, the Wall Street Journal writes, citing a statement from the PRC Ministry of Finance.
The measure will support the supply of steel products to the Chinese economy, increase the volume of imports of raw materials for its production and reduce import costs.
At the same time, China will increase export duties on ferrosilicon and highly refined pig iron to 25%.
Changes in the tariffs for metal trading will be temporary, but the terms of their validity have not yet been announced.
China zeroed import duties on steel and cast iron
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