ID :
364862
Fri, 04/24/2015 - 14:06
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China To Scrap Export Duties On Rare Earths, Tungsten and Molybdenum From May 1

By Niam Seet Wei BEIJING, April 24 (Bernama) -- China will eliminate the export tariffs on rare earths, tungsten and molybdenum, effective May 1 this year. Currently, China imposes a 15-20 per cent tariffs on the products. In a statement Thursday, the Ministry of Finance said before the abolishment of the duties, China in January had scrapped its export quotas on the products after the World Trade Organisation (WTO) ruled against its rare earth export curbs in August last year. The ministry said China cut the rare earths export quotas by 40 per cent in 2010 leading to a surge in the three products and stirring anger of the international community. Global Times reported that China's experts viewed the elimination of the export quotas and duties for the products as a move that fully complied with WTO's ruling last year. The newspaper quoted Vice Secretary-General of the Association of China Rare Earth Industry, Chen Zhanheng, as saying that the move would lead to a drop in rare earth prices. China produces 97 per cent of the world's rare earth metals. Last year, China exported 28,000 tonnes of rare earths, an increase of 27.3 per cent compared to a year earlier. However, the total revenue from the exports dropped 35.6 per cent to 2.3 billion yuan (US$371 million), it said. -- BERNAMA

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