SHANGHAI, Jan. 6 (SMM) – China has introduced a 9% export rebate for some copper semis and raised export rebate for copper foil, effective on January 1, 2015, a statement issued by the Ministry of Finance shows.
The statement indicates a new 9% export rebate for copper bar, rod and profile, and export rebate rise for copper foil from 13% to 17%.
“China reported net imports of copper semis in recent years despite its huge copper processing capacity and production, as most processors are unable to produce high-end products. The new export rebate policy will incentivize Chinese processors to upgrade technology to sell more higher-value products abroad,” SMM’s Xue Yuhong said.
The National Bureau of Statistics stated China produced 15.83 million tonnes of copper semis in the first eleven months of 2014, while exports were only 467,000 tonnes over the same period. Meanwhile, 549,800 tonnes of copper semis were imported by Chinese companies.
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