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Chinese State Council announced to adjust steel import and export tariffs recently aiming at strengthening energy saving & emission reduction and speeding up the steel industry structure adjustment.

According to the official document, relative departments like MoF, Development and Reform Commission, MIIT, General Administration of Customs, State Administration of Taxation and CISA will plan out such steel import/export policies to meet the demand both at home and abroad as well as fulfilling the target of energy saving & emission reduction, output controlling and outdated capacity elimination.

Meanwhile, the country should further control the export of low value added steel products. Besides, this document reiterated the ongoing measures on steel industry regrouping and overcapacity restriction.

The state council also figured at its official website that Chinese government will no longer approve any steel projects which will enlarge steel capacity.