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Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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April 2015 | Steel Raw Materials


China to cut tax on local ore amid price doldrum: Iron Ore Market Analysis


According to the State Council of China, the amount of tax on iron ore mined – run of mine (ROM) output – will be reduced from 80% to 40%, effective from 1st May 2015.

As iron ore benchmarks remain low, despite moving above $50/t CFR on April 14, most iron ore suppliers continue to suffer. To support the mining industry, while the Australian government has deferred royalty payments by junior miners, the Chinese government has turned to resource tax cuts. MBR understands that both governments genuinely want to help miners overcome the hard times, but in this price cutting war, these policies are of limited help.

According to the State Council of China, the amount of...

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