CHINA, the world’s largest rubber consumer, is set to reduce its natural rubber import duties next year to keep the local rubber prices down.
By January 1 next year, the taxes will be lowered by 20% or US$120 per metric tonne, according to the Finance Ministry.
The tariffs are either reduced by 20% per tonne or 20% a tonne for ribbed smoked sheets.
According to the Finance Ministry, taxes will be either 20% or US$193 per metric tonne, whichever is lower, for imports starting January 1. The tariffs are the lower of either 20% or 2,000 yuan a tonne and either 20% or 1,600 yuan a tonne for ribbed smoked sheets this year, citing a previous statement from the ministry.
Tokyo futures have risen 30% from a three-year low in August, after members of the ITRC comprised of Thailand, Indonesia, and Malaysia have announced to cut their shipments by 300,000 tonnes. (RJA)
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