Tax-free copper tolling said doubtful

Aug 07, 2008 | 12:34 PM |

Chances are slim that China will resume tax-free tolling of imported copper concentrates this year, although discussions are still under way, sources said.

Chinese smelters earlier this year proposed resuming copper tolling, as the discount of Shanghai prices to those on the London Metal Exchange made it unprofitable to import concentrate.

Until the end of 2006, Chinese smelters were able to import copper concentrate without paying tax as long as the refined product was re-exported. Now they are subject to a 13-percent tax on concentrate imports and a 10-percent tax on refined copper exports.....

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