Nickel Smelters Ask For Export Tax Cut In China

Reuters reported nickel smelters in China have asked the government to reduce or cancel a 15 percent tax on exports in an effort to sell more overseas.

As quoted in the market news:

Domestic appetite for the metal has plummeted this year as stainless steel mills curb output due to falling demand for their product on the back of a slowing economy, with traders saying consumption will stay weak at least until the end of 2012.

Any rise in nickel exports from China would weigh on prices on the London Metal Exchange, which have already dropped a quarter from their high for the year so far, marked in February.

Click here to read the full Reuters report.