MOFCOM to reduce nonferrous metal export quotas
Shanghai. November 3. INTERFAX-CHINA - China's Ministry of Commerce (MOFCOM) is considering reducing nonferrous metal export quotas by 2 to 3 percent each year for an unspecified amount of time, while rare earth export quotas may be cut further, state media reported Nov. 3.
According to a China Securities Journal report, the majority of MOFCOM's 2011 export quotas have remained unchanged from their 2010 levels. Those for tungsten, antimony, silver and talcum have increased, however, while those for tin and light and heavy burned magnesium have been lowered.
An industry insider involved in policy drafting was cited in the report as saying that export quotas for nonferrous metals are unlikely to increase further, and those that have seen a rise in their 2011 level are simply showing recovery from the global financial downturn.
ChinaCCM analyst Liu Dan told Interfax that total exports for many nonferrous metals are relatively small, and so a reduction of 2 to 3 percent to export quotas will have a large impact.
A MOFCOM representative was unavailable for comment when contacted by Interfax Nov. 3.