China announces 1% import tax on nickel; reduces indium export tax

Posted on December 17, 2013 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

China will impose a 1% import tax on nickel starting next year and will also lower the export tax on indium from 5% to 2%, according to an announcement by the country’s ministry of finance.

“The new tax may provide big support to nickel prices next year, especially if Indonesia bans ore exports,” a market source said, adding that domestic nickel producers like Jinchuan Group would benefit from the policy.