FOCUS: China raises 2018 import tax on melting refined nickel

China will raise its import tax on melting refined nickel to 2% from January 1, 2018, the country’s Ministry of Finance said on Friday December 15.

The tax increase applies to refined nickel with harmonized system (HS) code 75021090, that includes most of Chinese nickel full plates imports from Russia, Finland, South African and Brazil. However, the greatest impact will be on shipments from Russia given that they account for half of the imports under this HS code.
The raising of the import tax has boosted nickel prices on the London Metal Exchange and the Shanghai Futures Exchange, although cif China nickel full plate premium prices have shown little reaction to the order.

Chinese import taxes on melting grade refined nickel with HS code 75021090 and electroplating grade refined nickel with HS code 75021010 currently both...

Published

Ellie Wang

December 18, 2017

10:10 GMT

Shanghai