Import tariffs on some iron, steel products to be temporarily exempt

China will exempt import tariffs on some iron and steel products for a period starting on Saturday, including pig iron, crude steel, recycled iron-steel materials and ferrochrome, according to a statement issued by the Customs Tariff Commission of the State Council on Wednesday.

Tariffs on exports of products such as ferrosilicon, ferrochromium, and high-purity pig iron will be raised temporarily to a rate of 25 percent, 20 percent, and 15 percent, respectively.

The commission said in the statement that the move is expected to reduce import costs, expand steel imports' resources, support domestic steel output reduction, curb steel industry energy consumption, and promote the transformation and upgrade of the steel industry and its high-quality development.