China to Raise Non-alloyed Nickel Import Tax to 1 Percent

Reuters reported that in 2014, China plans to raise its import tax on non-alloyed nickel — such as refined metal — to 1 percent. That may help lower oversupply in the domestic market.

As quoted in the market news:

China is the world’s top nickel consumer and a large importer of the metal, used in stainless steel production and in the plating industry.

‘Imports may fall slightly as the costs rise,’ said Xu Aidong, chief nickel analyst at state-backed research firmAntaike. She added that about half of China’s imports of refined nickel this year had been for financing purposes – used by importers as a collateral for short-term loans.

Click here to read the full Reuters report.