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Platts reported that although China plans to scrap its molybdenum export tax on May 1, 2015, Chinese producers of the metal are unlikely to immediately rush to increase their exports.

Platts reported that although China plans to scrap its molybdenum export tax on May 1, 2015, Chinese producers of the metal are unlikely to immediately rush to increase their exports. That’s because “domestic prices are still higher than international levels.”

As quoted in the market news:

China Premier Li Keqiang said at an internal State Council members’ meeting on Tuesday that the central government will abolish the various taxes — including resource tax on rare earth, tungsten and moly mining operations in China — replacing them with a single tax based on sales prices, starting May 1.

He did not disclose the exact amount or percentage of the new tax, but emphasized that the new tax will stick to the principal of “not imposing a heavier burden on such mining operations.”

Chinese market sources could not give an exact breakdown of taxes under the current regime due to their complexity. Sources have also not heard of any levels for the new tax rate, while a European source suggested the new tax would be set at 8.5%.

Click here to read the full Platts report.

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