China export tax on zinc to be unchanged in 2009

BEIJING (Asian Metal) 19 Dec 08 – China announced the adjustment of import and export tax on Wednesday, aiming at stimulating economic growth to combat the worldwide crisis. However, there is no change in the export tax on zinc.Asian Metal Copyright A trader in Shanghai reported that the tax adjustment has little impact on base metals market, so all the markets remain quiet on Thursday.Asian Metal Copyright

China, a major zinc producer in the world, will keep export duties on refined zinc and alloys unchanged in 2009, continuing a policy to discourage expansion of the energy-intensive industry.

There is still no export tax on refined zinc ingot 99.995%min and zinc alloy unwrought, 5% export tax on refined zinc ingot 99.Asian Metal Copyright3thigher than that on Wednesday.Asian Metal Copyright99%min but less than 99.Asian Metal Copyright The trader holds about 60-70t of zinc ingot stocks on hand and predicted that the market will remains steady in the rest weeks of 2008.Asian Metal Copyright995% and 15% export tax on unwrought zinc ingot with less than 99.Asian Metal Copyright995%min and zinc alloy unwrought, 5% export tax on refined zinc ingot 99.Asian Metal Copyright99% zinc.Asian Metal CopyrightAccording to the source, the trading still goes lowly in the market, as buyers’ buying interest is weakening.Asian Metal Copyright

Market participants reported that even though the export tax on zinc is removed, the zinc market would remain sluggish, as the demand from overseas markets also keeps sluggish. The zinc supply is still over the demand in the global market.Asian Metal Copyright There is still no export tax on refined zinc ingot 99.Asian Metal Copyright

A trader in Shanghai reported that the tax adjustment has little impact on base metals market, so all the markets remain quiet on Thursday. The trader concluded deals of SHG zinc ingot at about RMB9,500/t (USD1,391/t) ex works, about RMB50/t (USD7.3/t)higher than that on Wednesday.Asian Metal Copyright The trader holds about 60-70t of zinc ingot stocks on hand and predicted that the market will remains steady in the rest weeks of 2008.Asian Metal Copyright

According to the source, the trading still goes lowly in the market, as buyers’ buying interest is weakening.

The trader holds about 60-70t of zinc ingot stocks on hand and predicted that the market will remains steady in the rest weeks of 2008.