Posted On: 12/11/2014 11:17:56 AM
Post# of 8059
http://www.steelguru.com/indian_news/Indian_i...54094.html
and indirect taxes in some indian states raise total export tax to 40%
w Australias new May 2012 export tax of 30% and Brazil going after Vale for 15 billion extra tax some time ago we should be lucky Mex only introduced a 7.5% EBITDA levy
but these govt taxes are destroying any profitability for many miners in this cycle- this should reduce supply despite the big 4's incessant drive toincrese production to push down prices to eliminate competitors -insatiable greed resulting in billions of losses for fortescue and vale
probably over 50% of chinas mines w their very poor iron content of 15-22% are losing money so unless china subsidizes them-contraindicated imo- that should greatly reduce supply-
and if more big 4 chiefs resign or are sacked because of their folly maybe they will end their destructive cycle of pushing prices down to eliminate competitors as Vale lost 1.44b in the last reported period.
and indirect taxes in some indian states raise total export tax to 40%
w Australias new May 2012 export tax of 30% and Brazil going after Vale for 15 billion extra tax some time ago we should be lucky Mex only introduced a 7.5% EBITDA levy
but these govt taxes are destroying any profitability for many miners in this cycle- this should reduce supply despite the big 4's incessant drive toincrese production to push down prices to eliminate competitors -insatiable greed resulting in billions of losses for fortescue and vale
probably over 50% of chinas mines w their very poor iron content of 15-22% are losing money so unless china subsidizes them-contraindicated imo- that should greatly reduce supply-
and if more big 4 chiefs resign or are sacked because of their folly maybe they will end their destructive cycle of pushing prices down to eliminate competitors as Vale lost 1.44b in the last reported period.
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