The Export Tax Rebate Policy For Rubber And Chemical Products Has Been Abolished Completely.

The export tax rebate policy for the 406 commodities will be abolished in July 15th.

In June 24th, the Ministry of Finance issued the notice on canceling the export tax rebates for some commodities, involving steel products, non-ferrous metals processing, pesticides, pharmaceuticals, chemical products, plastics, etc. rubber And glass and other industries.

Regulating the industry of "two high and one capital"

The policy adjustment was anticipated in the market. At the end of last year's national business conference, the Ministry of Commerce proposed to study the export policy of "two high and one capital" products. Since then, Yang Tiesheng, deputy director of the Department of energy conservation and comprehensive utilization of the Ministry of industry and commerce, has also revealed that relevant ministries and commissions are studying and adjusting policies and measures to restrict the export of products of "two high and one capital" industry, so as to curb their market demand. The director of the Finance Department of the Ministry of Commerce said that the export tax rebate adjustment is just to ensure the realization of the goal of energy saving and emission reduction, which does not mean the shift of the foreign trade policy of the country, and does not mean the "exit" of the foreign trade policy.

What is the impact of this policy adjustment on the overall foreign trade? The figures given by the Ministry of commerce are that in 2009, the 406 products achieved export of US $11 billion, accounting for only about 1% of the total export volume of that year. Therefore, "in the short term may have an impact on the market, but will not cause a sharp decline in exports".

Xing Wei Wei, an analyst at CIC securities, expects that the export tax rebate rate will be cut down or cancelled. China will withdraw from the "unconventional policy" during the financial crisis. In the future, the government will also gradually reduce the export tax rebate rate of products such as machinery, textiles, clothing and electronic information. During the financial crisis, the Chinese government raised the export tax rebate rate for such labor-intensive products. The Ministry of commerce also hinted that the export tax rebate structure will continue to be improved according to the export situation.

After the abolition of the export tax rebate, the impact on the industry is discussed. Xing Wei Wei believes that from the perspective of the industry itself, plastic products with more than 20% dependence on exports have a greater impact on rubber products, and chemical and steel industries are also affected by the proportion of exports in total output value at 7%~10%.

However, this reporter found that from the perspective of listed companies, the abolition of the export tax rebate is more affected by phosphorus, chemical and fluorine chemical industries in steel, pesticides and inorganic chemicals, and other industries such as rubber and plastic products, although the export dependence is large, but the listed companies rarely produce the export tax rebate products, so there is no significant impact.

Iron and steel industry "add insult to injury"

Among the 406 commodities that canceling the export tax rebate, there are 48 kinds of products involving steel and steel plate, accounting for more than 10%. Adjusting the profile products that involve all hot-rolled and medium plate 80%~90%, from the export data of 1~4 months this year, the export tax rebate covers about 40% of the total volume of steel exports.

Ping An Securities analyst Nie Xiuxin pointed out that since the hot rolled and medium plate are the main products of large and medium sized iron and steel enterprises, and the proportion of large and medium-sized enterprises is relatively high, the policy is right. Baosteel Shares (6.04, -0.01, -0.17%), Wuhan Iron and Steel shares, Angang The impact of stock and Benxi steel plate is more direct (see Schedule).

Luo Rongjin, an international analyst at Bank of communications, estimates that the export tax rebate will be reduced by about 300 yuan per ton of export steel, based on the average export tax rebate rate of 9%. In addition, if the export of steel products back to the domestic market, will bring further pressure on the domestic already low steel prices.

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Glyphosate company is "most hurt"

A pesticide industry analyst said, because the export tax rebate products involving pesticides are relatively large, it is difficult to accurately calculate the impact on the listed companies, but from the list of the largest proportion of glyphosate, the listed companies include Huaxing Chemical, Shenghua Park, Xin'an shares, Jiangshan shares, and Yang Nong chemical.

Xin'an shares announced in June 25th that the glyphosate original products of the company's main products were included in the list of goods that cancel export tax rebates, which may have a negative impact on the profits of raw powder products in a short time. On the day of the announcement, share prices fell by 6.06%. From the company's annual report 2009, the company produces two kinds of silicone products and pesticides, of which pesticide products account for 52.32% of the total products, and foreign sales account for 35.57% of the company's products.

In June 26th, Jiangshan shares also issued a similar announcement, saying that glyphosate is one of the main export products of the company, accounting for 46% of the company's sales revenue. The adjustment of the export tax rebate policy will have a negative impact on product profitability in the short term.

But Huaxing Chemical announced that the glyphosate original powder accounted for about 5% of the company's Glyphosate products in 2010, which had little impact on the overall performance of the company.

The securities representative of Shenghua Park said to the correspondents that the company is still checking the impact of the policy on the company. If the impact is large, the announcement will be made. "According to the situation of last year, the impact will not be great."

Phosphate companies are being sold by agencies

The abolition of export tax rebate of inorganic chemical products, including phosphorus chemical industry and fluorine chemical industry. The primary capacity of phosphorus chemical industry in China shows a serious surplus state, and the export volume accounts for about 70% of the total output. Therefore, the cancellation of the export tax rebate is a serious blow to the industry.

The abolition of export tax rebate, involving the related products of phosphate industry, listed companies mainly include Cheng Xing shares (7.21, -0.25, -3.35%) and Xingfa group (15.01,0.00,0.00%).

On the day of the export tax rebate policy, Xingfa group's share price fell 4.62%, and fell second on the second day. In June 25th, the exchange data showed that Xingfa group suffered a substantial reduction in the organization, and the top five seats were sold as agencies.

In June 26th, the company announced that canceling the export tax rebate policy for some commodities involved products such as sodium hypophosphite, mono fluorophosphate, industrial grade six sodium hypophosphite, sodium acid pyrophosphate and so on, which were initially estimated by the financial department of the company. Under the influence of this policy adjustment, it is expected that the company will reduce its operating profit by 1 million 500 thousand yuan in the second half of 2010.

However, the company's securities representative said: "the impact of the cancellation of export tax rebate is not particularly big. First, the price of phosphate rock is relatively stable, and the company's customer resources are relatively stable. In addition, the company has upstream products of phosphate rock, so the cost of producing phosphate is lower than that of other enterprises, so that the company has a cost advantage."

The main products of Cheng Xing stock include phosphoric acid, phosphate and yellow phosphorus. The company's securities representative said: "cancel the export tax rebate is some primary phosphoric acid products, the company produces phosphoric acid fine chemical products, is not in the scope of cancellation, so there is no impact."

At present, China's bulk fluorine chemical products are mainly exported, and the listed companies are mainly three love rich, giant stock and multi fluorine.

The annual report of Juhua 2009 shows that fluorine products account for 47.51% of the main business, but the domestic sales account for 91.14% and the export proportion is not large. The company's securities affairs representative also admitted: "the supply and marketing department is still checking the products. It is estimated that the impact will be, but it needs to be observed. If there is a big impact, the announcement will be made."

In addition, after interviews with San Fu Fu and Du Fu Du, it was learned that the domestic sales of the two companies accounted for relatively high or did not involve the cancellation of the export tax rebate products, so the impact was not expected.