SOURCE / ECONOMY
Move aimed at curbing soaring iron ore prices: analysts
By Yin Yeping Published: Apr 28, 2021 10:58 PM
Iron ore. Photo:VCG
China announced on Wednesday that it would scrap tariffs on certain steel products and raw materials starting on May 1, in a bid to curb iron ore consumption amid skyrocketing prices that have hurt domestic businesses, while benefiting foreign suppliers such as Australia.
The Tariff Commission of the State Council also made a series of adjustments to tariffs on other raw materials and products related to the steel industry. Meanwhile, exports tariffs are hiked for certain iron products.
The adjustments are conducive to reducing import costs, expanding the imports of steel resources, and supporting the reduction of domestic crude steel output, according to the Xinhua News Agency.