China set to levy tariffs of 3 percent to 6 percent on imports of coal as of Oct. 15. China had scrapped tariffs on coking coal in 2005 and on all other coal imports in 2007. China’s sudden announcement of the import levies is its latest effort to limit coal imports and follows nearly a year of intense lobbying by China’s top miners, which have pressed the government to stem a flood of cheap supplies that has inundated the domestic market and dragged local prices to a six-year low. China’s Ministry of Finance said in a statement on Thursday that import tariffs for anthracite coal and coking coal will return to 3 percent after having been dropped almost a decade ago, while Thermal coals will have an import tax of 6 percent. Tariffs on briquettes, a fuel manufactured from coal, and other coal-based fuels will return to 5 percent.
BHP Price at posting:
$33.22 Sentiment: Sell Disclosure: Not Held
SDM Price at posting:
55.5¢ Sentiment: Sell Disclosure: Not Held
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