Impact from Export Rebate Tax Remove on China's Nickel Market -Shanghai Metals Market

Hot Keywords

  • Zinc
  • Market commentary
  • Futures movement
  • Copper
  • Aluminium
  • Inventory data
  • Lead
  • Evening comments
  • Macroeconomics
  • MMi Iron Ore Port Index
  • Morning comments
  • Customs data
  • Silicon
  • Li-Ion Battery Cathode Material
  • Nickel

Impact from Export Rebate Tax Remove on China's Nickel Market

SMM Insight 11:33:24AM Jun 23, 2010 Source:SMM

SHANGHAI, Jun. 23 (SMM) -- The Ministry of Finance, along with State Administration of Taxation announced on June 22nd that China will end an export rebate tax on 406 commodities as of June 15th, including aluminium powder, steel, and non-ferrous processing products.

The nearest export rebate tax adjustment was adopted by the government in June 2009 to cope with the changes during the financial crisis. Some commodities enjoyed export rebate tax as high as 17%, and the involved 2600 products cover superior products, labor-intensive products, high-tech content products and further processed products.

As a net importing product, China's exporting volumes of nickel-related downstream products were not high, and impact from such export rebate tax remove was limited. However, some market players concerned that stainless steel may experience tax rebate adjustment since export tax rebate for stainless steel was lifted in June 2009. Once such concern materializes nickel prices will be negatively affected to great extent by then. 

To contact the writer on this report: celiawang@smm.cn

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

 

Price

more
#1 Refined Cu
Apr.19
49430.0
-170.0
(-0.34%)
Yangshan Copper Premium(Bill of Lading)
Apr.19
51.5
0.0
(0.00%)
Yangshan Copper Premium(Warehouse Warrant)
Apr.19
50.5
0.0
(0.00%)
Imported Cu Concentrate TC(Cu≥26%,Week)
Apr.19
67.0
-1.5
(-2.19%)
Imported Cu Concentrate TC(Cu≥26%,Month)
Mar.29
73.5
-6.0
(-7.55%)

Impact from Export Rebate Tax Remove on China's Nickel Market

SMM Insight 11:33:24AM Jun 23, 2010 Source:SMM

SHANGHAI, Jun. 23 (SMM) -- The Ministry of Finance, along with State Administration of Taxation announced on June 22nd that China will end an export rebate tax on 406 commodities as of June 15th, including aluminium powder, steel, and non-ferrous processing products.

The nearest export rebate tax adjustment was adopted by the government in June 2009 to cope with the changes during the financial crisis. Some commodities enjoyed export rebate tax as high as 17%, and the involved 2600 products cover superior products, labor-intensive products, high-tech content products and further processed products.

As a net importing product, China's exporting volumes of nickel-related downstream products were not high, and impact from such export rebate tax remove was limited. However, some market players concerned that stainless steel may experience tax rebate adjustment since export tax rebate for stainless steel was lifted in June 2009. Once such concern materializes nickel prices will be negatively affected to great extent by then. 

To contact the writer on this report: celiawang@smm.cn

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn