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.
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