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China scraps export rebate for manganese

BEIJING: China scrapped export rebate policy for manganese and related products starting Monday in a bid to help increase domestic supply and reduce prices, China Securities Journal reported.

Industry insiders believe that the move is part of the government's efforts to restrain exports of manganese and related products in order to crack down on rampant exploration of manganese, an essential material in steel-making, to better protect the country's mineral resources, the paper said on Monday.

China used to impose a 17 per cent value-added tax on manganese products and exporters enjoyed a 13 per cent export tax rebate policy.

— Xinhua

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