Posted on 22 Nov 2023
China's Ministry of Industry and Information Technology (MIIT), the country's governing body for industrial sectors, has announced the names of 135 ferrous scrap collecting and recycling enterprises in the latest batch of domestic suppliers given its tentative approval. Public opinions are being sought before formal approval can be conferred, the November 20 announcement said.
The latest batch is the eleventh that MIIT has nominated. The ministry said it also plans to remove 17 scrap suppliers from its list of enterprises approved in the prior ten batches but gave no explanation as to why these companies had been disqualified.
The total number of scrap dealers and recyclers approved by the ministry to date is 707, so assuming that the adjustments are fully implemented, the number would rise to 825, Mysteel Global noted. Qualified enterprises can enjoy a number of preferential policy benefits including a substantial refund of up to 30% on their VAT payments, as reported.
In the previous batch, 144 enterprises were newly approved and 21 disqualified. Nevertheless, that China's central government is officially recognising – and incentivising – steel scrap processing and recycling companies to meet strict criteria for handling and processing scrap in an environmentally safe manner will help expand availability of standard steel scrap nationwide, Mysteel Global notes. This in turn will help achieve Beijing's goal of realising the low-carbon development in China's steel industry, as reported.
Source:Mysteel Global
