Guangdong Adjusts VAT Rate for Waste Material Utilization, Impacting Copper Scrap Market Dynamics

Published: Sep 3, 2024 10:09

Save

According to SMM, after the cancellation of local tax rebates and incentive subsidies in accordance with the detailed rules of the Regulation on the Examination of Fair Competition in Guangdong, the actual VAT rate for enterprises utilizing waste materials is about 10.2%. In July and August, some copper scrap rod factories purchased copper scrap raw materials based on this tax rate, but due to excessively low offers, there were almost no transactions in the market. Since September, SMM has revised its quotations for bright copper in Guangdong, adjusting the tax rate from 9% to 5.8%.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

SHFE: Approved Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. as a Copper Delivery Warehouse

2 hours ago

China’s Copper Anode Imports Edged Up YoY in January-February 2026, with Growth Expected in Q2 [SMM Analysis]

SMM Analysis: According to data from the General Administration of Customs, China imported 64,900 mt of copper anode (HS code: 74020000) in January 2026, up 5.74% MoM and up 1.48% YoY...

2 hours ago

Mitsubishi to Halt Onahama Copper Smelter Operations by March 2027 Amid Global Competition Concerns

According to foreign media reports, Mitsubishi Materials has stated that it will cease production operations at the Onahama copper smelter by the end of March 2027. This is mainly due to the rapidly deteriorating TC/RCs for copper concentrates, driven by intensifying competition among global copper smelters, which has raised concerns over the business outlook. The Onahama copper smelter has a smelting and refining capacity of 230 ktpa.

2 hours ago