New tariff plan helps firms by curbing coal imports
Print Edition
CHINA’S tariff committee yesterday decided to end zero duty on five coal products and reintroduce most-favored nation tariffs varying from 3 percent to 6 percent, from next Wednesday.
The tariffs for anthracite and coking coal will be set at 3 percent, bitumite at 6 percent, and those for briquets and other coals at 5 percent.
The new tariff scheme will limit coal imports and help struggling domestic producers. The zero duty was unveiled some time ago to encourage coal imports and fill a domestic supply gap.
Guan Dali, a coal analyst with chem365.net, an industrial think tank, said the adjustment was part of the government’s support for the struggling coal industry.
Under the tariff, the cost of imported thermal coal will be 20-27 yuan (US$3.26-4.40) higher per ton, according to Guan’s calculation.
The adjustment may relieve some pressure for domestic coal enterprises, as over 70 percent of them are now operating at losses, according to a survey by the China National Coal Association.
To counter the hard times, 14 major domestic coal producers recently agreed to control output.
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