Archive for December 21st, 2009

Monday, December 21, 2009

Commodities: Chinese Custom Duties

China is going to lower import customs duties on some 600 products next year, as agreed with the WTO, reports Liechtenstein‘s Volksblatt, among them naphta and coal. Currently reduced rates on gasoline and diesel, and windmill components will go back up, thus leaving public revenue basically unchanged. After completion of a number of new refineries, China is now probably a net exporter of gasoline and diesel. Export duties on natural resources such as crude oil, cellulose, ferrous alloys and some steel products, so far said to be temporary, are to remain in effect.

Meantime, China’s steel industry is reportedly calling for unified global opposition against a proposal by Rio Tinto Ltd. and BHP Billiton Ltd. to combine their iron ore operations, writes the Wall Street Journal.

Coal is to be given priority over iron ore, as a seasonal jump in heating is expected, according to The Australian.

Iron ore also remains in high demand. Being substantial iron ore exporters, BHP Billiton Ltd’s and Rio Tinto’s operation plans are subject to EU and possibly Chinese anti-trust procedures.

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Update:
China raises customs duties on American, Russian technical steel, VoR, December 21, 2009
Remark:
Technical steel (technischer Stahl) or transformer sheets are apparently used in production processes which involve high temperatures and – normally – fatigue of material, according to SSAB, a Swedish company’s website, as technical steel keeps its form and qualities during use.

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Related:
China’s Steel Industry: The Grey Area, July 18, 2009
Negotiations unfinished, July 18, 2009
Mr Premier, are you ready, December 20, 2009

Monday, December 21, 2009

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