SHANGHAI, Aug. 24 (SMM) – Medium and large stainless steel mills in China have increased using proportion of primary nickel after State Administration of Taxation’s crackdowns on fake VAT invoice on secondary resources (including stainless steel scrap), Shanghai Metals Market learns.
The availability of stainless steel scrap is low following the crackdowns, growing demand for primary nickel.
The crackdowns have come to an end, and market participants now wait for the notice of suggestions on dealing with VAT issues on secondary resources. Trading of scrap materials is largely suspended in China’s market.
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