On the 17th, the Ministry of Finance announced the specific scope and tax rate of the 3,770 commodities that China has raised for the third time since this year. There are two tax refund products involving non-ferrous metal products, and the export tax rebate rate for copper pipes with tariff number (excluding internally-threaded copper pipes) has been increased from 5% to 9%; non-alloyed steel with tariff number. The export tax rebate rate for aluminum rectangular plates, sheets and belts has been raised from 11% to 13%.
As a result of the export share of copper processed products, copper pipes took first place. From January to September 2008, the export volume of copper pipes was 177,000 tons, accounting for 30.3% of the copper exports. The export tax rebate related to the copper pipe (ie, does not include internal thread copper) exports of 120,000 tons, accounting for 67.9% of the ratio of copper exports. Therefore, CBI believes that the current tax rebate adjustment has a large coverage in copper products and will have a major impact on the export market of copper pipes. However, according to the copper output of 6.875 million tons in 2007, the export of copper pipes was only 18,000 tons, which only accounted for 2.7% of the copper output. The CBI’s cautious forecast indicated that this tax rebate adjustment will increase the demand for copper. The role is relatively limited.
In view of the tax rebate adjustment of aluminum processing materials, not only the industry generally believe that the adjustment rate of 2% is too small, coupled with the previously expected export tax rebate of aluminum exports did not change, so the current tax rebate on the role of the entire aluminum market appears to be minimal.
Lanke, a non-ferrous metal industry analyst from Southwest Securities, said that the adjustment of export tax rebate rate has played a positive role in digesting a large number of inventories of domestic enterprises in the short term, but overcapacity and lack of downstream demand are still a downturn for the entire non-ferrous industry. crux. The crux of the problem has not been eliminated. Simply relying on the adjustment of the tax rebate rate, it is still difficult for domestic smelting enterprises to get out of the trough. Judging from the current rate of tax rebate adjustment, Lan Ke believes that at most domestic copper-aluminum metal processing companies can enjoy better days in December.