In the early stage, as China is a major exporter of aluminum products, the government's policy adjustments on aluminum products are focused on China's export tariff rate. The government has lowered the import tariff on electrolytic aluminum from 5% to 0%. The other industry has always been concerned about "Boots" finally landed.
The aluminum industry, which was just canceled the export tax rebate last month, will face further regulation. On July 19, the Ministry of Finance issued an announcement to further limit the export of high-energy, high-pollution and resource products, promote energy conservation and consumption reduction, and encourage the import of raw materials. With the approval of the State Council, electrolytic aluminum will be taxed from August 1 No.) The import tariff is reduced from 5% to 0%; the non-aluminum alloy aluminum bar and rod (tax number: ex76041000) are levied a temporary tariff for export, with a provisional tax rate of 15%. This move is in line with the country's intention to curb domestic aluminum market investment. However, whether it can inhibit the investment in the electrolytic aluminum and aluminum processing industries, but also ultimately look at the changes in aluminum demand and prices at home and abroad.
UnionPay letter analysis:
First, the tariff policy of the aluminum industry in China recently
On September 14, 2006, the State Council successively lowered the export tax rebate for domestic aluminum products: the aluminum powder rebate rate was reduced to 0, the aluminum and aluminum alloy thick filaments were reduced to 8%, and the aluminum and aluminum alloy profiles, plates, sheets and belts were 11%. (previously it was 13%). Clearly, policies have inhibited the export of aluminum-related products. However, it can be seen that except for aluminum powder and aluminum and aluminum alloy thick filaments, the adjustment range is not very large, which reflects the tilt of the national industry, that is, relatively inhibiting low value-added products, while for aluminum and aluminum alloy profiles, Board, film, and belt have little effect. However, during the same period, domestic exports of aluminum and aluminum alloys increased significantly.
On October 27, 2006, the Ministry of Finance issued a notice to adjust the provisional tariff rate for some import and export commodities from November 1, 2006, in which the provisional tax rate for electrolytic aluminum exports was raised from 5% to 15%, while the import tariff for alumina was 5.5% is reduced to 3%. The export tariff on primary aluminum has increased to 15%, which is a further suppression of the export of aluminum primary products by the state. As we all know, aluminum is a high-energy-consuming industry, and in the past China over-emphasized aluminum production, while ignoring the development of aluminum products. Controlling the export of high-energy, high-pollution, and resource-based commodities is the subject of the State Council, while it increases the cost of trade for the commodity itself. The state canceled the export tax rebate for primary aluminum and increased export tariffs, which restricted the export of primary aluminum.
On June 18, 2007, the Ministry of Finance issued the Notice of the Ministry of Finance and the State Administration of Taxation on Lowering the Export Tax Rebate Rate of Some Commodities, stipulating that the export tax rebate policy for some commodities will be adjusted from July 1, 2007. .
This export tax rebate involves: the export tax rebate for simple non-ferrous metal processing products such as non-alloy aluminum rods (non-alloy/aluminum strips, rods) is cancelled.
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