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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.
Bauxite miners and sellers are now raising their bauxite prices to include the tax so as to avoid prosecution by the authorities.
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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.
The effects were almost immediate. The bauxite traders increased their prices covering taxes as well.
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As per Shanghai Metals Market, China-origin bauxite prices in four major domestic market, as on April 24, are as follows:
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