China’s Aluminum Exports Surge Ahead of Tax Rebate Removal
- Steel exports show signs of cooling while copper imports jump
- Coal purchases climb to record high of nearly 55 million tons
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China shipped near-record volumes of aluminum in November as exporters rushed to benefit from tax discounts that were canceled from the start of this month.
Beijing last month announced it would withdraw a tax rebate of 13% that for years has helped juice overseas sales of aluminum. The move appears to have triggered a selling frenzy, with traders and producers trying to ship as much as possible before the end of November.