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Export Tax On Rare Earths From January 1
By Joy Wang |
December 15, 2010, Wednesday
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Print Edition
Print Edition
CHINA will raise export tax on some rare earths from January 1 as it adjusts its trade tariffs broadly to balance supply and demand, the Ministry of Finance said yesterday.
Low import taxes will be imposed on 600 important materials and components while exports of energy-intensive commodities such as coal, crude oil, fertilizers and non-ferrous metals will continue to be taxed, the ministry said in a statement, without giving more details of the tax rates.
China's rare-earth exports plunged 77 percent in October from a month earlier after the government in July slashed shipment quotas for the second half of this year by about 72 percent from a year earlier to conserve the minerals, which are vital in the production of a wide range of products from mobile phones, hybrid cars to wind turbines.
Vice Commerce Minister Chen Jian said last month that China won't dramatically cut export quotas next year.
Rare-earth mining in developed countries has shrunk in the past decade due to environmental concerns.
Low import taxes will be imposed on 600 important materials and components while exports of energy-intensive commodities such as coal, crude oil, fertilizers and non-ferrous metals will continue to be taxed, the ministry said in a statement, without giving more details of the tax rates.
China's rare-earth exports plunged 77 percent in October from a month earlier after the government in July slashed shipment quotas for the second half of this year by about 72 percent from a year earlier to conserve the minerals, which are vital in the production of a wide range of products from mobile phones, hybrid cars to wind turbines.
Vice Commerce Minister Chen Jian said last month that China won't dramatically cut export quotas next year.
Rare-earth mining in developed countries has shrunk in the past decade due to environmental concerns.
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