China bauxite prices jump as government gets stricter on tax evaders

<p>China has stepped up its export regulations. Earlier, bauxite exporters who would resort to various ways to evade taxes are now being forced to pay value-added tax (VAT) for the bauxite consignments they are sending offshore. As a result, bauxite prices off China have increased.</p> <p>Bauxite miners and sellers are now raising their bauxite prices to include the tax so as to avoid prosecution by the authorities.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/bauxiteshipment.jpg" alt="News" width="517" height="316" /></p> <p>Beijing has reinforced its check on export documents owned by large-scale bauxite sellers in order to ensure legally that they are paying their due VAT. The checks started about two weeks ago in Henan, Shanxi, and Tanjin.</p> <p>The effects were almost immediate. The bauxite traders increased their prices covering taxes as well.</p> <p>{googleAdsense}</p> <p>As per Shanghai Metals Market, China-origin bauxite prices in four major domestic market, as on April 24, are as follows:</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/BauxiteChinaPrices.png" alt="News" width="517" height="357" /></p>