China to cut down nonferrous metal export quotas
Interfax China reported that China's Ministry of Commerce is considering reducing nonferrous metal export quotas by 2% to 3% each year for an unspecified amount of time while rare earth export quotas may be cut further.
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.
Mr Liu Dan analyst of China CCM said that total exports for many nonferrous metals are relatively small and so a reduction of 2% to 3% to export quotas will have a large impact.
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