News and Special Announcements
May 4, 2021
Brewster, New York-- In a recent announcement, beginning May 1, 2021, China will remove export tax rebates for most of its steel products (146 products to be exact). The rebate of 13% of the VAT charged on exports will no longer apply from May 1, according to a statement on the finance ministry's website.
While the market had expected the measures would affect hot-rolled steel products, it now includes cold-rolled steel as well. Tang Chuanlin, an analyst with CITIC Securities estimates that about 33.35 million tons of steel exports could be affected from exemption of tax rebates.
“We have had several discussions with our suppliers since the news broke and are investigating how this will impact our supply chain. Maintaining the quality, cost and availability of our products is at the forefront of these discussions” says John Grasso, VP of Operations for Matco-Norca.
Matco-Norca is one of the largest independent sourcing companies that markets Matco-Norca branded fittings, pipe nipples, valves and plumbing specialties to wholesalers serving contractors and municipalities throughout the USA. For 70 years, they have been the leader in providing quality products with exceptional value and service. Be sure to sign up for alerts and updates here.