China – China is to reintroduce a value-added tax rebate this year for processing scrap copper in order to support domestic recyclers, according to business media reports. The China Nonferrous Metals Industry Association has given to understand that a 40% rebate on the 17% value-added tax has been approved by China’s Finance Ministry.
The rebate was ended in 2011 and restarting it could boost secondary metal supplies and scrap imports into China, the world’s biggest metals user. Last month, the country’s copper imports fell to their lowest level since January 2012 at 248 575 tonnes, according to customs data. Meanwhile, local demand is weak and copper prices are falling.