Aluminum Soars as China Cancels Tax Incentive on Exports [Yahoo! Finance Canada]
Rio Tinto Plc (RIO)
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riotinto.com/investors-87.aspx
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Source: Yahoo! Finance Canada
(Bloomberg) -- Aluminum soared as China announced it was removing a tax rebate that covers over 5 million tons of exports of the metal. Most Read from Bloomberg Futures in London jumped as much as 8.5% following the announcement from the country's Ministry of Finance, which didn't give a reason for the change. China's aluminum industry historically has exported significant amounts of the metal as semi-finished products, which are used in value added manufacturing or simply re-melted for use as primary metal. In the near term, the measure could contain flows from China. But the capacity for output growth elsewhere is limited, so Chinese producers have room to shift tax cost to overseas buyers, analysts from Shanghai Metal Market said in a note. The measure may also boost exports of high value-added aluminum products. “In principle the way the market would solve the shortfall is to build up the export arbitrage from China – so the LME price would rally strongly and that incenti
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