NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2007/02/02 - Trading sources reported that a tax deduction on importations of refined nickel in China is not likely to prompt inflow due to high world prices.
The China’s Finance Ministry announced that import tax on refined nickel will be reduced to one percent in January 2007 from two percent on its Website. This step mirrors the growing need for nickel imports to sustain a proliferating Chinese economy that consumes over ten percent of the world’s nickel, a metal widely used for stainless steel production and in plating industry.
The trading value of nickel on December 28, 2006 was $ 33,550 per ton, a two-fold jump in the same year. Soaring world prices have cut the demand for imported nickel by China as some of the small and medium-scale plating factories and stainless steel mills lessen the production of nickel-based products.
A manager at a trading company in northern Inner Mongolia region informed that their sales reduced to half in 2006 from 2005 and they chose not to stock refined nickel for spot sales. He was speaking on the reduced demand for imported nickel in China.
However, imported nickel in China in the initial eleven months of 2006 was still 7.6% more (86,908 tons). It was because of insufficient production.
According to a Metal research Analyst at RNCOS, a leading market research company, the Chinese government wants to foster imports. Nickel is a high-price metal and really has weakened business. However, the proposed deduction in tax on refined nickel’s imports in China would come as a relief to the traders.
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