Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Yanzhou Coal Slides, Leads Coal Stocks Lower on Resource Tax

Oct. 11 (Bloomberg) -- Yanzhou Coal Mining Co. led declines by coal producers after the government announced higher resource taxes on coking coal.

Yanzhou Coal, China’s fourth-biggest coal producer, lost 3 percent to 28.37 yuan as of 11:09 a.m. Shanghai time, set for its biggest drop since Sept. 19. Yangquan Coal Industry Group Co. retreated 5.9 percent to 22.60 yuan.

On a volume basis, China will levy a tax of 8 yuan to 20 yuan on every metric ton of coking coal sold starting next month, the government said on its website. The tax on coking coal is 8 yuan a ton currently, according to Anna Yu, a Hong Kong based energy analyst with ICBC International Research Ltd. Coking coal is an ingredient used in steel-making.

Link to Company News:{1171 HK <Equity> CN <GO>} Link to Company News:{601666 CH <Equity> CN <GO>} Link to Company News:{SXLAMZ CH <Equity> CN <GO>}

To contact the editor responsible for this story: Allen Wan at awan3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.