According to the report, the Chinese Ministry of Finance decided to increase the rate of export tax refund since November 1st and the list of export tax refund including fasteners.
Some market participants said that the policy would let Chinese fastener exporters transfer their to market to Europe, causing a decline in Taiwanese fastener sales volume.
At present, it was the second time for Chinese Ministry of Finance to adjust the rate of export tax refund since September. The refund rate of fasteners was increased by 9% to 10%, including self-tapping screws, wood screws, nuts, etc.
