China may cancel the 15% aluminium export tax

According to sources, China may cancel the 15% export tax of primary aluminium in order to help smelters to pass the cold winter. And in last week, sources claimed that the tax would be reduced to 5%.

The action will contribute to exert export and constrain international aluminium price as China is the largest producer and consumer of primary aluminium.

Weak demand and reducing export order of aluminium products in China are forcing many smelters including Aluminium Corporation of China to cut output and layoff workers which added burden to China¡¯s economy.  

Smelters and traders indicated that the Chinese Government was likely to cancel export tax of primary aluminium by January next year. And the export tax rebate needs time to be ruminated over.

If this took place, added a Hongkong trader, LME aluminium price would reach 1200 dollars/ton.

Present stock of LME is 1,800,000 tons.

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