China reduces export duties on molybdenum and tungsten.

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China reduces export duties on molybdenum and tungsten.

On June 22, China reduced the duties on exports of nonferrous metals from July 1 going forward. Molybdenum, tungsten and indium have become the objective items to reduce its export duties.

The amount exported from China in May 2009 had come to USD 88,758 million, which had a considerable fall of 26.4% from that in the same month of 2008 and sped up to shrink a scale of the exports from China following a large decrease of 22.6% in April. This revision of the export duties has been supposed as a countermeasure for the decreased exports.

In accordance with this revision, the duties imposed on exports of molybdenum and tungsten were 10% to 15% but are reduced to 5% from July 1st 2009…

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