China’s decision to support its domestic industry through electricity-price and tax cuts looks set to boost aluminium and iron ore production, even as world markets struggle to digest excess supply.
China’s cabinet said yesterday that it would reduce power prices for coal-fired plants and cut the resources tax it charges iron ore miners. Iron ore, a key steelmaking ingredient, is below $50 a tonne, down from $70 in three months, while aluminium has fallen more than
4 per cent this year.
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