The ongoing challenges of the "two highs and one capital" policy, combined with the current economic climate, continue to put pressure on the two major alkali industries. However, recent tax adjustments have brought some relief to the sector.
On August 15, the State Administration of Taxation announced that the Ministry of Finance and the State Administration of Taxation had issued a notice adjusting the VAT rate for industrial and edible salts. Starting from September 1, 2007, the VAT rate for sodium chloride-based salt—covering sea salt, well salt, and lake salt—was reduced from 17% to 13%. This change has significantly eased the operational burden on the salt industry and provided substantial benefits to the two alkali industries, which rely heavily on salt as a raw material.
Currently, the VAT rate for salt products was at 17%, but this adjustment is expected to boost industry profits by approximately 600 million yuan. When combined with earlier tax reforms in February, the total profit increase for the salt industry could reach nearly 1 billion yuan.
The two alkali industries are among the largest consumers of salt. In their raw material consumption structure, about 28% of the salt used comes from the alkali sector. According to data from the China Salt Industry Association, from January to June 2007, total salt consumption reached 34.02 million tons—a 26% increase compared to the same period last year. Of this, 27.1 million tons were used for industrial purposes, a 30% rise, accounting for 79.7% of the total.
Industry associations predict that in 2007, new production capacity for soda ash and caustic soda will reach 2 million tons, requiring 2.7 million tons of raw salt. With the reduction in the VAT rate on industrial salt, the two alkali industries could see an efficiency gain of 12.96 million yuan.
Shandong Haihua Group, the largest salt chemical company in China, consumes around 3.5 million tons of raw salt annually for its alkali production. At the current crude salt price, the company estimates that after the tax reduction, the cost per ton of sea salt would decrease by 4.8 yuan. This could lead to a profit increase of 9.6 million yuan for the 2 million tons of salt it uses each year. Additionally, the group's "two alkali" products are expected to benefit from an estimated 8.4 million yuan in tax savings.
Despite these positive developments, industry experts caution that the two alkali sectors should not become overly optimistic or rush into expansion. On one hand, the two products fall under the "two highs and one capital" category, and the government has implemented strict controls on production capacity. On the other hand, the supply of raw salt is highly sensitive to weather and market conditions.
A recent report by the National Development and Reform Commission noted that the high-grade brine in the Haiyan area—which accounts for nearly 50% of national salt production—has been severely affected this year. As a result, sea salt production is expected to decline. In July, salt prices in Shandong and Hebei increased by 20 to 25 yuan per ton, which is likely to impact the production costs of the two alkali industries.
In summary, while tax reductions offer short-term relief and profitability gains, the long-term outlook remains uncertain due to regulatory constraints and supply-side challenges. The alkali industry must balance growth with sustainability.
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