Metals &Mining Alert-Daily prices and news:New tax regime in India to affect gold imports

Industrials (/lb): aluminum $0.86 (+1.0%), copper $2.60 (+1.1%), lead $0.97(+0.8%), molybdenum $7.82 (+0.0%); nickel $4.09 (+0.8%); zinc $1.16 (+1.1%);Precious (/oz): gold $1,243 (-0.8%), silver $16.50 (-1.1%); Steel (/mt): ChinaHRC $501 (-0.1%), SHFE Rebar $460 (+0.6%), MB Scrap Index $270 (+0.0%);Bulks: iron ore (/dmt) $56 (+0.7%), coking coal (/mt) $141 (+0.0%), freight (BCI)1,169 (-3.6%); Energy: Brent (/bbl) $46.91 (-1.0%), WTI (/bbl) $44.20 (-1.2%),natural gas (/mmBtu) $2.89 (-4.7%), thermal coal (/t) $81 (+0.4%).

    India’s Goods and Services Tax (GST), effective July 1 could impact goldimports. Previously, import duty was at 10% with additional value added tax of3% which was applicable only when gold was sold to dealers by importers.

    GST sets a fixed 3% tax which importers have to bear, taking total paid to 13%.

    Gold imports rose in May on fear of GST to 126t (vs. 32t in May 2016). (Miningweekly)