Chinese coke export tax may rise by 5%
It is reported that as coke export peak may arise around this month, industry believes the government may again raise coke export duty. Industry analysts in Shanxi forecasted on July 11th 2008 that China is likely to pull up coke export duty by over 5%.
As per report, China coke exports in May gained 24% MoM to 1.66 million tonnes from the 1.34 million tonnes in April recording the highest monthly export volume since 2007.
Earlier reports once said quoting some statistics that EXW price for first grade metallurgical coke stands at CNY 3000 per tonne recently. Average FOB price for coke exports once rushed highest to USD 690 per tonne equaling CNY 4700 per tonne. But according to insiders in Shanxi, the gap between prices at home and abroad is narrowing.
Many officials from coke enterprises have confirmed China now eyes a coke export peak. This may spur another export duty hike since China sticks to curbing excessive exports of resource intensive products such as coke.
Coke export duty is 25% at the moment and the 5% increase will push up total duty to 30%.
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