Reuters reports overnight that China is to reintroduce import tariffs on coal, of between 3 and 6 pct, applicable from October 15
They say (bolding mine):
The sudden move by China to levy import tariffs of between 3 percent and 6 percent from October 15 is set to hit miners in Australia and Russia – among the top coal exporters into the country.
Traders said Indonesia, the second-biggest shipper of the fuel to China, will be exempt from the tariffs since a free trade agreement between China and the Association of Southeast Asian Nations (ASEAN) means Beijing has promised the signatory nations zero import tariffs for some resources.
- Import taxes for all coals, with the exception of coking coal, was at 6 percent prior to 2005 before they were scrapped in 2007
- Coking coal import taxes were set at 3 percent before being abolished in 2005
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This is the subject of a good deal of talk on dealing desks (and more) this morning in Australia.