"A new 15 per cent tax on exports of unwrought molybdenum, scrap molybdenum and molybdenum powder would take effect in January, the ministry said.

China is the world’s top supplier of tungsten and molybdenum, both used to strengthen steel. Higher taxes could raise price requirements from Chinese exporters and that may drive up world prices.

“We are watching the market and then will decide what to do,” said an official at Jinduicheng Molybdenum Mining Corp, the country’s top producer of the metal. Industry officials had also expected Beijing to introduce a 5 per cent tax on exports of aluminium billet in 2007 but the alloy was not included on the latest list. The export tax for antimony would be left unchanged at 5.0 per cent, the ministry said."

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