China rumored to be planning to cut tax on domestic iron ore

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 May 2010

With the big three iron ore mining giants - Vale, BHP Billition and Rio Tinto - achieving the switch to a quarterly pricing system and also obtaining their desired price increases, China's Ministry of Finance is rumored to be considering a tax reduction for domestic iron ore suppliers, aiming at supporting the domestic iron ore industry and reducing reliance on imported resources.
According to the expectations of local market players, such a possible tax reduction would mostly benefit domestic small and medium sized steel producers, since the large domestic steel mills still depend greatly on imported materials.

Source: Steel Orbis