[Cu] CBI Exclusive News - Copper Concentrate Imports Processing Trade Policy about to Resume

SHANGHAI, Dec. 1(CBI China) -- Due to the deteriorating financial crisis since October, copper prices fell significantly, China's copper industry was facing severe challenges. CBI conducted an exclusive interview recently with Zhao Bo, the deputy director of Copper Department of China Nonferrous Metal Industry Association, and asked experts on the hot topics.

    Ministry of Finance and State Administration of Taxation issued a notice on Nov. 18, 2008, since December 1, 2008, the export tax rebate rate of copper pipe with tax code 74111019-74112900 (excluding inner grooved copper tube with tax rebate rate of 13%) will be increased from 5% to 9%.

    The export tax increase indicates the government determination to encourage the exports and save the market. Zhao said the resumption of copper concentrate imports processing trade policies that earlier copper smelting enterprises have been calling for have also made positive progress, the state ministries have agreed to restore the policy in the near future and will formally announce on the official web site. At the same time, Non-ferrous Metals Industry Association also recommends that relevant departments should increase the export tax of high-precision copper foil from 5% to 13%.

    While whether the copper concentrate imports processing trade policy adjustments are like the proposal of smelting enterprises, that is to say, copper smelters who has been awarded by the country to carry out oversea futures hedging imports 30% of the total copper concentrate, then it will be qualified for copper concentrate imports processing trade, we will pay close attention to the latest news on the website of Ministry of Commerce.

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