Zambia’s 7.5% Import Tax for Copper Concentrate to Badly Hurt Domestic Smelters-Shanghai Metals Market

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Zambia’s 7.5% Import Tax for Copper Concentrate to Badly Hurt Domestic Smelters

Industry News 10:10:05AM Nov 29, 2016 Source:SMM

SHANGHAI, Nov. 29 (SMM) - Zambia is considering imposing a 7.5% import tax on copper concentrate which will greatly hurt local smelters, wenhua.com reported.

Some Zambia’s copper smelters have signed term contracts with Congo’s copper concentrate suppliers based on fixed price. This means Congo’s suppliers will not bear the increased cost. So, Zambia’s smelters may bear higher import cost or default risk, Zambia Chamber of Mines President Talent Ng'andwe said.

Zambia is the second largest copper producing country in Africa with copper smelting capacity totaling 3.60 million tonne per year. Annual copper output is about 2.90 million tonnes. Local smelters import some 500,000 tonnes of copper concentrate from Congo each year.

Zambia’s copper smelters are now suffering from power shortages. 

The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn. 

Price

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#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%)

Zambia’s 7.5% Import Tax for Copper Concentrate to Badly Hurt Domestic Smelters

Industry News 10:10:05AM Nov 29, 2016 Source:SMM

SHANGHAI, Nov. 29 (SMM) - Zambia is considering imposing a 7.5% import tax on copper concentrate which will greatly hurt local smelters, wenhua.com reported.

Some Zambia’s copper smelters have signed term contracts with Congo’s copper concentrate suppliers based on fixed price. This means Congo’s suppliers will not bear the increased cost. So, Zambia’s smelters may bear higher import cost or default risk, Zambia Chamber of Mines President Talent Ng'andwe said.

Zambia is the second largest copper producing country in Africa with copper smelting capacity totaling 3.60 million tonne per year. Annual copper output is about 2.90 million tonnes. Local smelters import some 500,000 tonnes of copper concentrate from Congo each year.

Zambia’s copper smelters are now suffering from power shortages. 

The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.