LMEWEEK-China aluminium exports to surge on trade war - CRU [Reuters]
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Source: Reuters
LMEWEEK-China aluminium exports to surge on trade war - CRU | Reuters 2 Min Read LONDON, Oct 9 (Reuters) - Chinese aluminium exports are expected to surge in coming months and next year after Beijing boosted tax rebates as part of a package to soften the impact of a trade war with the United States, according to industry consultancy CRU. High Chinese exports of metals such as aluminium and steel in recent years have spurred criticism by both the United States and Europe, and was one reason for the imposition of tariffs by Washington. Last month, China increased its rebate on value added tax (VAT) for exports of semi-fabricated aluminium or semis to 16 percent from 13 percent, said senior analyst Greg Wittbecker of consultancy CRU. That will increase exports of both legitimate semis as well as so-called “fake semis”, which have been transformed from primary metal just enough to escape China’s export tax on unwrought metal and instead qualify for a VAT tax rebate, he added. Often these
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