The Chinese government published a statement on March 17th, which affirmed the government would provide a more percentage on its export tax rebate policy on some products, of which stainless steel represented a quite high percentage.

Concretely, the percentage of rebates for these products has been lifted from 10% to 13%. The merchandise related to this policy was mainly stainless steel strips, bars, profiles, welded tubes, wires, etc. As per some reliable sources, these products merely represented a percentage of 22.96% in the exports of China, totaling around 873,000 tons.

Obviously, the reason why the Chinese government wanted to raise the percentage of export tax rebate was to enhance its stainless steel products’ competitiveness facing the dilemma of the COVID-19.