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Chinese new steel export tax affects iron ore imports news  6/5/2007

The new steel export tax imposed by Chinese government have taken their effects now as spot iron ore imports into China have declined, while traders are now trying to figure out the impact of the new tax policy on the market.

One iron ore trader in Eastern China said that many medium and small-sized steel mills had stopped importing iron ore because they were not certain about their steel sales after the new steel export tax took effect.

The trader also estimated that there was over 40 million tons of iron ore were staying at Chinese ports.

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