According to the statements of the Ministry of Finance of China, from December 1, export tax rebates or exemptions for a wide range of products and production will be reduced or canceled. Among those excluded are aluminum, copper, fats, animal, vegetable, or microbial oils, and chemically modified.
This announcement has triggered an increase in aluminum prices on the London Metal Exchange, where traders were waiting for it to contain the flow of Chinese aluminum abroad. China will cut the tax rebate on exports of certain non-ferrous products, solar energy, accumulators, and certain non-ferrous metallurgical products from 13% to 9%.
The news that caused these changes will also have an impact on products of ferrous metallurgy, petrochemicals, textile, and electronic goods, added a source from the Ministry of Finance of China.
