China cuts value added tax (VAT) on scrap by 10%

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China is reducing the value added tax (VAT) on scrap by 10% which will come into effect from 1 Mar’22, sources informed SteelMint.
Earlier the VAT was 13%, which will come down to 3%.
In Jan-Nov’21, steel scrap consumption in all steel-making processes stood at 204.07 mn t, up 5.82 mn t, or 2.9%, on year.
In Jan-Nov, China imported a total of 0.47 mn t of scrap.

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