China: Customs Tariff Commission to adjust aluminium export tariffs in 2023

The Customs Tariff Commission of the State Council, China, has announced the 2023 tariff adjustment plan. It was noted in the announcement that development and security must be coordinated.

The strategy of increasing domestic demand must be organically combined with deepening supply-side structural reforms, and a more proactive opening-up strategy must be put into practice and associated rules, some commodities' import and export duties will change as of January 1, 2023.

Increased export taxes of 30% on aluminium and aluminium alloys

The tariff revision primarily focuses on export tariffs on aluminium and aluminium alloys. However, copper, nickel, tin, and stainless steel tariffs will remain unchanged.

The two types of aluminium products with customs tariff codes 76011010 and 76011090 have cancelled the tentative 0% export tariff in 2021 and 2022, and a 30% export tariff will be imposed in 2023.

The statement said the changes in tariff rates are conducive to promoting high-quality development, expanding high-standard opening-up and accelerating industrial upgrading.

Export Trend in 2022

China exported 0.54 mnt of aluminium in November, 2022, which is stable against the previous month. In context to the product-wise segment, semi-finished was largely maintaining the same export volume of 0.02 mnt from the last couple of months, and the major constant export volume of finished flat drifted down to 0.35 mnt, down by around 8% in November, 2022 against the previous month.

Export destinations largely remained unchanged for Mexico, South Korea and Thailand m-o-m as well as y-o-y, as per Customs data maintained with SteelMint.