China Increases Molybdenum Resource Tax

Bloomberg reported that China has raised molybdenum and other metals resource taxes in an effort to conserve reserves.

As quoted in the market news:

The resources tax on tin was increased to as much as 20 yuan a ton and that on molybdenum, used to harden steel, was raised to as much as 12 yuan a ton, said China Taxation News, a publication of the State Administration of Taxation.

Click here to read the full Bloomberg report.