China, world’s largest coal importing country, has imposed import duty on imported Thermal, Coking and Anthracite coal, which will starts from 15 Oct, 2014.
- The country has imposed 3-6% import duty on all grades of coal
- China import levies to start from 15 Oct, 2014
- Australian Thermal coal prices have fallen by around USD1.10-1.20/MT for November and December bookings respectively
- Australian 6000 NAR is offered at around USD 64.5/MT & USD 65.1/MT FoB for November and December delivery respectively
China government will levy import duty to support their domestic miners, who have been struggling by rising costs and falling prices. The country announces to levy 3% duty on imports of Coking coal and Anthracite, also stated to impose 3-6% tariff on Thermal coal.
Thermal coal prices fell after the China announced that it will impose a tax on coal imports from 15 Oct, 2014. This in turn reduces Australian Thermal coal prices, as it is one of the largest exporters to China.
“Indian traders anticipated that import duty may help to reduce seaborne Coking coal FoB prices.”
Indonesia, one of the biggest suppliers to China, will liberate from the tax owing to FTA signed between China and Association of Southeast Asian Nations (ASEAN).
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