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China set to levy coal import tariffs, negative for Australian miners - Reuters

FXStreet (Bali) - After almost a decade, China is set to once again levy coal import tariffs in order to stimulate local miners amid increaingly high costs and falls in prices, Reuters reports.

Australia and Russia are the two countries set to suffer the most the consequences of the new measures being implemented starting from Oct 15th. As Reuters notes, "the sudden move by China to levy import tariffs of between 3 percent and 6 percent from October 15 is set to hit miners in Australia and Russia - among the top coal exporters into the country".

Serene Lim, Analyst at Standard Chartered, was quoted by Reuters, as saying: "China is clearly moving to protect its local miners. Given that the tariff also covers coking coal, Australia, being the top supplier to China, is likely going to be the most affected."

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