China scrap market eyes tax cut to boost supply

Dec 27, 2012 | 11:06 AM |

Tags  ferrous scrap, steel, VAT, tax cuts, China Association of Metal Scrap Utilization

SHANGHAI, China — The Chinese government’s latest five-year plan highlights the country’s scrap industry as a key sector, leading market players to expect government-backed growth in that industry in the near future.

The Chinese government said it wants to encourage more—and more-efficient—recycling of the growing reservoir of waste material emerging after decades of rapid economic growth, particularly as it encourages the steel industry to rely less on iron ore and more on ferrous scrap. ....

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