The executive meeting of the State Council held on October 8 decided that from November 1, 2018, in accordance with the principle of structural adjustment and with reference to international practices, the current export tax rebate rate of 15% and 13% will be raised to 16%;9 % is raised to 10%, some of which are raised to 13%; 5% is raised to 6%, and some is raised to 10%. The export tax rebate rate for products with high energy consumption, high pollution, resource-based products and those facing the task of reducing overcapacity remains unchanged. The tax system was further simplified, and the tax rebate rate was reduced from seven to five.

The increase in the tax rebate rate is undoubtedly an effort to deal with the current tense international trade environment, alleviate the negative impact of Sino-US trade frictions, offset the impact of tariff increases on domestic export enterprises to a certain extent, and reduce tax burdens for enterprises. , reduce export costs.

Metal

After analyzing the "List of Products for Raising the Export Tax Rebate Rate" (hereinafter referred to as the "Tax Refund List") and the contents of the speech delivered by the Premier of the State Council at the State Council executive meeting on October 8, it is believed that although the "Tax Refund List" involves products There are 397 items, but there are only 31 items involving non-ferrous metals and related products, and most of the product categories are non-ferrous metal downstream products (see the following table for specific product names), so the short-term and medium-term impact on the primary market of non-ferrous metals is not obvious.

The impact of the adjustment of export tax rebate rate on non-ferrous metals, for example:

End downstream products in copper products, non-industrial cast, molded, stamped copper products, copper springs, copper wire cloth (including endless belt), copper wire mesh, grille, mesh copper plate, non-electrically heated copper The export tax rebate rate for household heaters and their parts, and other non-industrial copper products has been adjusted to 10% from 9%. However, it is worth noting that most of the products that have increased the export tax rebate rate this time are downstream alloy products. The products involved accounted for about 5% of the previous exports, and the increase rate this time is only 1%. In the end, the export tax rebate rate this time is about 5%. The upgrade has little impact on copper-related products.

Aluminum-related products are cylindrical solid aluminum alloys (specifications required), aluminum stranded wires, cables, and braids with and without steel cores. These are only dozens of tariff codes for aluminum and its products. Among the three small categories of products and one of them is still a subordinate product category of small category products, the impact on the primary aluminum industry counted at the tens of millions of tons is a drop in the bucket.