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China scrap rebate plan could hike US prices

March 27, 2014 - 03:40 GMT Location: New York

KEYWORDS: Copper scrap , China rebate , VAT

US copper scrap consumers could face higher prices if a proposed rebate on value-added tax for China’s scrap recyclers is approved.

The China Nonferrous Metals Industry Association has asked the finance ministry to implement a 40-percent rebate on the 17-percent value-added tax on copper scrap imports, Metal Bulletin reported earlier this week.  The association is awaiting government feedback on its proposal. The move would be negative for US scrap consumers and dealers who sell domestically, one US-based scrap processor said. "It seems like China is trying to be aggressive on No. 2 scrap. Domestic brass mills rely heavily on No. 2 as part of their feedstock. With scrap volumes so low already, this is...

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