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China scrap rebate plan could hike US prices
March 27, 2014 - 03:40 GMT
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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Euromoney Institutional Investor PLC.
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