China will remove exports taxes on rare earths, aluminium rods and bars on May 1

HONG KONG (REUTERS) - China will remove taxes on exports of rare earths, ferroalloys, tungsten, molybdenum and indium from May 1, the Ministry of Finance said in a statement on Thursday.

The Ministry of Commerce had earlier flagged that taxes on rare earths would be scrapped from May.

China will also remove taxes on exports of non-alloyed and alloyed aluminium rods and bars from May 1, the statement said.

China is the world's top producer of most metals.