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Further deterioration of the external environment China's iron ore import is unfavorable

further deterioration of the external environment China's iron ore import is unfavorable

China Construction machinery information

Introduction: in 2012, some iron ore exporting countries adopted trade protection policies, and the external environment of China's iron ore import was further deteriorated. At present, there are two main manifestations: first, India Vietnam and other emerging countries continue to raise iron ore export tariffs; The other is the bomb that has not been detonated, that is, it has not been detonated yet

in 2012, some iron ore exporting countries adopted trade protection policies, and the peripheral environment of China's iron ore import further deteriorated. At present, there are two main manifestations: first, emerging countries such as India and Vietnam continue to raise iron ore export tariffs; The other is the unexploded bomb, that is, the Australian mineral resources tax law, which has not been finally passed

iron ore exports tightened

in early February, the Vietnamese government raised the export tariff of iron ore. from February 7, Vietnam will increase the export tariff of iron ore, refined iron ore and pyrite from the original 30% to 40%. In addition, India also raised the export tariff of iron ore from 20% to 30% in January

in recent years, the industrial development of emerging countries has led to an increase in steel consumption, and the domestic demand for iron ore is strong. In order to ensure demand, these countries have set iron ore export tariffs, and there is a trend to increase them

these countries raise iron ore export tariffs, which has its own demand characteristics, but has an impact on China's iron ore imports. What is more obvious is that in India, the capacity of domestic steel enterprises has expanded. The Indian government encourages domestic and foreign enterprises to build steel plants. Tata, the Indian iron and steel administration and other companies have expanded their production. Nippon Steel, POSCO and other enterprises have also cooperated to build plants. The demand for iron ore has begun to rise, and the consumption of iron ore has increased significantly. Recently, the organization for economic cooperation and development (OECD) estimated that India's steel-making capacity showed a trend of accelerated expansion, and the steel production capacity will increase to 128 million tons by 2014, an increase of 32.8% compared with 2011

so far, there has been a certain bottleneck in the supply of iron ore in India. With the rise of ore mining costs, local governments increased taxes and restricted mining, resulting in a tight supply and demand situation in India's domestic iron ore market. In February, the Indian Federation of industry and Commerce began to ask the Indian government to cancel the 2.5% import tariff on iron ore to solve the shortage of iron ore supply, which led to many steel mills unable to operate at full capacity. This incident shows that the Indian government's iron ore import and export policy may change completely in the future, from encouraging exports to encouraging smelting, and even importing iron ore

India began to ensure the domestic demand for bright surface oriented ceramics, and adopted restrictive policies, resulting in a sharp decline in China's imported Indian ore. in 2011, China imported 73055800 tons of Indian iron ore, a year-on-year decrease of 24.36%. In the same period, the major imported ore sources increased steadily. In 2011, China's imports of Australian iron ore increased by 11.8% year-on-year, and imports of Brazilian iron ore increased by 9.1% year-on-year. In this way, the proportion of Indian ore in China's iron ore imports fell sharply, from 20% in 2008 to 10.6% in 2011, a decrease of 10 percentage points in three years. This time, the Indian government will impose another 10% surcharge, and the export tariff of iron ore will be raised to 40%, which will significantly increase the import costs of Chinese traders, and Indian ore sources will further decline

Vietnam's ore source itself accounts for a small proportion of China's total iron ore imports. In 2011, China imported 2.9 million tons of iron ore from Vietnam, accounting for 0.42%. Therefore, Vietnam's increase in export tariffs has less impact than India's mining industry, but it indicates that the growth trend of supply from China's surrounding mining sources in recent years may be curbed

Vietnam's mineral resources are representative, especially the increasing monopoly of international ores. Chinese enterprises have accelerated the import of ores from other countries, and the growth rate of surrounding countries is obvious. Statistics show that in 2011, China imported 15.61 million tons and 11.87 million tons of iron ore from Russia and Indonesia, with a year-on-year increase of 145% and 54%, and imported 5.42 million tons and 2.9 million tons of iron ore from Malaysia and Vietnam, with a year-on-year increase of 121% and 50%

Vietnam's annual steel output is 89 million tons, and its own steel output is small. However, at present, the economic development of Southeast Asia has led to the rise of steel consumption, and the construction of highways, railways, ports and wharves, airports and urban facilities has been carried out in an all-round way. Moreover, Vietnam's processing and manufacturing industry has become a highlight of economic growth, and its demand for steel has increased. It needs to import a large amount of steel every year, and Vietnam's dependence on steel imports has reached 50%

Vietnam's steel investment is also following the Indian Road, and foreign enterprises take the initiative. Large steel enterprises such as Nippon Steel and POSCO participate in and acquire Vietnam's steel mills. Local steel mills in China have begun to set foot in Vietnam. China Vietnam mineral smelting Co., Ltd., jointly established by Kunming Iron and steel company and Vietnam iron and Steel Corporation, develops guisha iron mine in Laojie Province, and invests in the construction of a plant with an annual output of 1million tons, of which Kunming Iron and Steel Co., Ltd. shares can reduce environmental pollution in the production process of petrochemical raw materials by 45%. The first phase of the project is expected to be completed in 2012, with an annual production of 500000 tons of steel billets

although China's iron ore imports from Vietnam have maintained growth, Vietnam's iron ore export tariffs have increased alarmingly. Since the iron ore export tariff was imposed in 2010, Vietnam's iron ore export tariff has risen from zero to 40% in two years, which has suppressed the development of mineral sources by China's steel enterprises. [nex industry research: t]

Australian resource tax increases the cost of steel enterprises

in general, emerging countries raise iron ore export tariffs, the impact of Indian mines is more obvious, and the impact of Vietnamese mines will continue to ferment in the later stage, but the most far-reaching impact on China's iron ore imports will be the pending Australian resource tax law

compared with the goal of developing domestic steel industry in emerging countries, the essence of Australia's mining tax reform is to allow lucrative mining to subsidize national finance

however, due to the struggle of various interest groups, the process of Australian resource tax can be described as confusing. In 2010, Kevin Rudd, then Prime Minister of Australia, planned to levy a 40% resource super profit tax. This takes corporate profits as the tax object. Amid the opposition of mining enterprises, Kevin Rudd finally stepped down. After several battles, on November 23 last year, the Australian house of Commons officially passed the mineral resources tax law bill, which will be submitted to the upper house for voting in the first half of 2012 and will be implemented on July 1, 2012

Australian iron ore is of great significance to China's iron ore market. In 2011, China imported 296.68 million tons of Australian iron ore, an increase of 11.8% year-on-year, accounting for 43% of the total annual imports. The taxation of the Australian government will directly affect the production costs of China's steel enterprises

according to the bill passed by the house of Commons, the mineral resources tax is mainly aimed at large-scale mining enterprises with rich profits, and the cost of large-scale mines will increase. Even considering the deduction of state government mineral taxes and subsidies, it is estimated that the tax required to be paid per ton of iron ore accounts for half of the sales price. According to the average agreed price of Australian iron ore in 2011 of $150 per ton, the tax will increase by about $20/ton

Australia's traditional advantageous resources are occupied by large mining enterprises. Rio Tinto and BHP can use TPU toughening agents to improve their toughness, and the cost of expansion is about $30/ton. The cost of iron ore for later development enterprises, such as FMG, is $50 to $60/ton. At the peak of the last round of ore investment, that is, after the financial crisis, the production costs of mining enterprises in Australia will be significantly higher than those of these large mining enterprises. After the invested capital is recovered, a certain resource tax will be levied, which will test the late profits of ore enterprises, and even eat up all the profits directly. In addition, the imposition of mineral resources tax by the Australian government has a long-term impact on the global ore supply. The decline in the attractiveness of iron ore investment projects will lead to the reduction of investment in mining

formally speaking, Australia imposes a mineral tax, which has a wider impact and stronger concealment. When emerging countries impose export tariffs on iron ore, Chinese enterprises can also protest against their violation of the "national treatment principle" of the WTO, resulting in different prices for domestic and foreign enterprises to buy the same products, resulting in price discrimination. However, the mineral resources tax levied by Australia starts from the production link, and the domestic and international market price is the same, so it is difficult for Chinese enterprises to apply the WTO principles to appeal

in the future, the collection of mineral resources tax by the Australian government is a nail on the board. It is only a matter of final approval. What is unknown is the form in which the Australian house of Lords passed the bill and what changes will be made to the specific content

iron ore producing countries have increased trade protection measures and imposed resource taxes. In 2012, China's iron ore import situation has further deteriorated, and China's already meager profit steel industry will be even worse

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