China has cut the 2008 export quotas for tin, tungsten and antimony, Bloomberg News reports, as the world's fastest growing major economy seeks to reduce its trade surplus and meet local demand for raw materials.
The country will allow exports of 33,300 tonnes of tin next year, the Ministry of Commerce said in a statement on its website today, down from 37,000 tonnes in 2007. The quotas reinforce a series of tax changes which have made exports less attractive recently.
China's actual tin exports in the first nine months of 2007 have amounted to 20,570 tonnes, more than the total shipped in the whole of 2006. However in recent months export volumes have fallen and imports have surged in response to stronger local demand. In September China exported 1,525 tonnes but imported 3,911 tonnes of refined metal, mainly from LME warehouses.Sam Xu
MSN: xubiao_1996@hotmail.com
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