China is planning is planning to place a tax on the exports of three types of metal from January 1 in a bid to make its domestic industry more efficient.
According to a recent report by the Xinhua state news agency, the export tax on producers of aluminium, copper and nickel is designed to force inefficient producers out of business, thus speeding consolidation in the country’s metals sector.
The government has yet to disclose the level at which the new tax will be levied.
While exports of all three metals have risen considerably this year on the back of a rise in world prices for base metals, China exports relatively minor amounts of copper and nickel, and analysts believe the impact of the tax on these industries will be small
However, the tax is likely to hit aluminium smelters harder, given the loss of an 8% export rebate, which is expected to disappear in January.
Observers predict that average monthly exports of aluminium from China will double in December as producer ship as much out of the country as possible before the tax rebate is lost.
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