Chinese Company Wants Country’s Cobalt Import Tax Raised

MetalBulletin reported that Jiangsu Cobalt Nickel Metal Company Ltd. is pushing for the Chinese government to raise the country’s import tax on cobalt metal. The company also wants the government to instigate “supportive measures” for the nation’s battery sector.

As quoted in the market news:

“Chinese cobalt makers have been struggling, trying to compete with cheap imported cobalt being dumped on the Chinese market […] foreign cobalt makers have been operating at very low costs and they have no export tax,” Yang Xiaohua, chairman of China’s second largest cobalt metal producer, told Metal Bulletin in an interview. China currently levies 4% import tax on cobalt metal and shipments with valid certificates of origin may be exempt from such a tax, according to market players.

Click here to read the full MetalBulletin report.