China Raises Iron Ore Taxes

Bloomberg reported China has raised resources taxes on six minerals including iron ore.

As quoted in the market news:

The tax on iron ore production was raised to 80 percent of a base rate, from 60 percent, effective from Feb. 1, the official China Taxation News said in a report today, citing a joint circular from the Ministry of Finance and State Administration of Taxation. The base rate is between 2 and 30 yuan ($4.76) a metric ton, depending on the ore grade, according to a government notice in October.

Click here to read the full Bloomberg report.