The Chinese Ministry of Finance, General Administration of Customs and State Administration of Taxation has announced its decision to cancel the tax protection policy on certain categories of imported steel into the country. The decision is intended to boost the usage of domestic steel and reduce the dependence on imported steel.
The decision to cancel the tax protection policy will lead to large number of imported steels losing their advantage over domestic steel. Further it will help domestic steel to compete with international market on an equal footing.
Source – Scrap Monster
From Metal & Oil & Gas News, post China to cancel tax protection policy on certain categories of imported steel