Tag: china scrap policy

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…