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[Cu] Rumor Reports China Will Impose Import Tariff on Scrap Copper

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SHANGHAI, July 3 (CBI China) -- Recently, a rumor arose in the market that China will impose export tariff on scrap copper. CBI contacted the relevant market players and believes this rumor has no basis in fact and is just an misinterpretation of recent strict customs clearance procedures.
&nbsp;&nbsp;&nbsp; First, China has to import large volumes of copper in view of very scarce copper resources in China, and scrap copper as one of important raw materials for smelting and processing also need to be imported. In the long run, scrap copper has a broader and more important use prospect than refined copper. Besides, the Central Government released relevant polices to protect environment after China imported scrap copper, so the scrap copper imports will unlikely be prohibited. In April 2009, Russia announced to cancel 5% import tariff for scrap copper in an attempt to increase Russian raw material supply for copper smelting. Therefore, China will unlikely impose import tariff for scrap copper, as other countries tended to release policies to support the imports of resources products.
&nbsp;&nbsp;&nbsp; Second, in all likelihood this rumor is the misinterpretation of strict customs examination in Guangdong province. CBI reported previously that Guangdong Customs have begun implementing stricter customs examination of containers with imported scrap materials since mid May. Mislabeling scrap products is a common method used to evade taxes, but will not likely succeed going forward given the new stringent customs clearance. The Customs&rsquo; move resulted in significant increases in the import taxes for scrap copper, but the increase has nothing to do with additional tariff imposing. According to CBI sources, The Customs implemented stricter customs examination of containers in an attempt not only to check the variety reporting to customs, but also to carry out a survey of the copper content in the variety. The value-added tax for importing scrap copper is calculated by the copper content in the variety reporting to customs due to frequent fluctuations in copper price, so the copper content determines the tax. In this context, it is reasonable to revise the copper content standards based on actual situation in order to assure national tax revenue.
&nbsp;&nbsp;&nbsp; Recently, more and more attentions were attracted on scrap copper supply in the market, and cautious attitude should be adopted with regard to these rumors before Central Government releases the relevant policies.
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[Cu] Rumor Reports China Will Impose Import Tariff on Scrap Copper | SMM

[Cu] Rumor Reports China Will Impose Import Tariff on Scrap Copper

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