China has cut the resources tax it charges its iron ore miners, in an effort to support an industry struggling under an onslaught of cheaper and better quality ore from Australia and Brazil.
Resource taxes would be cut to 40 per cent of their legally mandated levels, effective May 1, China’s State Council said late on Wednesday.
About three-quarters of China’s iron ore miners are losing money at current prices, according to industry association estimates, although political pressure from local governments makes it difficult for the companies to suspend production or lay off workers.
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