China to impose new taxes on exports of metals Jan. 1

Dec 27, 2006 | 02:42 PM | Vivian Teo

China will introduce export taxes on certain metals, including tungsten, molybdenum, indium, chromium and stainless steel, but will cancel export taxes on some fabricated copper products effective Jan. 1, the Ministry of Finance said in a statement Wednesday.

Exports of unwrought tungsten, tungsten powder, tungsten oxide, tungsten carbide and ammonium paratungstate (APT) will be subject to export taxes of 5 percent. These products are currently duty-free.

Unwrought molybdenum, molybdenum scrap, molybdenum powder, unwrought indium, indium scrap, indium powder, unwrought chromium, chromium scrap and chromium powder exports will be subject to taxes of 15 percent, while exports of stainless steel ingot and semi-finished stainless products, previously duty-free, face export taxes of 10 percent in 2007.

While the new taxes had been widely expected for several weeks, market participants predicted the move would lead to an across-the-board increase in prices.....

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