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China Daily reported that China’s Ministry of Commerce has canceled export quotas for molybdenum and tungsten.
China Daily reported that China’s Ministry of Commerce has canceled export quotas for molybdenum and tungsten. The news no doubt surprised some market participants as earlier in the month the rumor was that the tax’s removal would be delayed.
Analysts believe the end of restrictions is unlikely to have a major impact on the Chinese moly industry.
As quoted in the market news:
On Monday, the ministry announced through its website the quotas and approved exporters of rare metals for 2015 but there was no mention of approved exporters of molybdenum, signaling the end of all restrictions on exports of the rare metal.
Earlier in November, 2015 export quotas for molybdenum and tungsten had been canceled by the ministry. However, tungsten exports will still be limited to a list of 13 companies, including China Minmetals Corp and Sinochem Group.