The NALCO (National Aluminium Company), Hindalco, and Vedanta shares zoomed almost 10 per cent on the NSE (National Stock Exchange) after China rolled back a 13 per cent tax rebate given on copper and aluminium products.
The shares of NALCO (National Aluminium Company) rocketed almost 10 per cent on the NSE (National Stock Exchange), touching a day high level of Rs 240.32 per share on the bourses.
The NALCO stock was trading around Rs 237.31 per share, climbing 7.93 per cent amounting to Rs 17.44 per share on the Indian exchanges.
Hindalco
The Hindalco share also rose after China’s action on tax rebate; the stock zoomed more 4.5 per cent on the NSE (National Stock Exchange); the shares of Hindalco went on to touch the day high level of Rs 656.00 per share, surging about 4.56 per cent on exchanges.
The shares of Hindalco were trading at Rs 649.95 per share on the NSE (National Stock Exchange), surging about 3.60 per cent amounting to Rs 22.60 per share.
Vedanta
The Vedanta shares also saw an upsurge along with Hindalco and NALCO, Vedanta shares went on to touch the day-high level of Rs 452.50 per share after hitting the opening bell at Rs 444.35 per share.
The stock was trading around Rs 448.75 per share on the bourses, climbing about 3.54 per cent amounting to Rs 15.35 per share on the exchanges.
China rolling back tax rebate on copper & aluminium products
China declared that, as of December 1, 2024, the export tax refund for copper and aluminium products would no longer be available.
Copper and aluminium exports from China were previously eligible for a 13 per cent tax rebate.
Large volumes of luminium have traditionally been exported by China’s aluminium industry as semi-finished goods that are either remelted into commodity-grade shapes or utilised in value-added manufacturing.
Chinese metal exports
5.7 million tonnes (MT) of aluminium were exported by China in 2023. Compared to the previous year, shipments rose 17 per cent to 5.5 MT in the first 10 months of this year, and they are expected to reach 6.6 MT at the end of the year.
Of the nation’s total production, 15 per cent to 16 per cent comes from Chinese exports, while 20 per cent to 22 per cent comes from production outside China.
