| Trade Issue | ||
| China cuts export taxes on aluminum - 19 Nov, 2008 | ||
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Bloomberg reported that China, the world's largest producer of aluminum, will lower or scrap export taxes next month on some shipments of the metals to try to bolster slowing economic growth. The Ministry of Finance said in a Web site statement the tariff on aluminum alloy rods and bars with a circumference of less than 210 millimeters will be reduced to 5% from 15% from December 1st. The China Nonferrous Metals Industry Association said the export tax changes are part of China's effort to cut tariffs and raise tax rebates on 3,770 items to stimulate growth which was announced last week by the State Council. The country will also restore tax rebates on some copper and other industrial metal exports by early next year. Macquarie Group Ltd analysts led by Mr Bonnie Liu wrote in a report that a cut in aluminum alloy export taxes is expected to have a minimal effect because of a collapse in aluminum demand from international markets and lower London prices. Scrapping steel exports will probably not fundamentally improve the steel export momentum. According to Macquarie, Chinese exports of aluminum alloy rods and bars accounted for less than 1% of total Chinese exports of 1.5 million tonnes of the lightweight metal’s products in the first nine months. | ||
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