SHANGHAI, Aug. 7 (SMM) – Supply of copper scrap with value-added tax (VAT) invoice is becoming increasingly tighter as crackdowns on fake VAT invoice are still under way in Jiangxi and other regions, SMM survey showed.
Why Sellers Dominate in Shanghai Imported Copper Market? SMM Reports
Traders were forced to cut prices of copper scrap without VAT invoice. VAT invoice purchasing costs have reached 9% of copper scrap sales value, SMM learned.
Overall, copper scrap supply increased, though, as cargo holders became more willing to sell after copper prices rose.
Prices for #1 bare bright copper averaged 48,077 yuan/tonne last week, up 1,001 yuan/tonne on a weekly basis.
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