Posted on 15 Mar 2024
China's Ministry of Industry and Information Technology (MIIT) has begun inviting domestic scrap recycling and processing companies to apply for its certification for 2024, aiming to encourage more scrapyards to standardize their operations, according to the ministry's notice released on March 13.
The notice calls for prospective enterprises across the country currently engaged in processing waste materials such as ferrous and nonferrous scrap, wastepaper, plastics, and tyres, to submit their applications for certification voluntarily. This is the 12th iteration of the same initiative the ministry has launched, Mysteel Global notes.
During 2013-2023, the ministry approved a total of 825 steel scrapping firms under its certification system in 11 batches whose total processing capacity is around 170 million tonnes/year, as reported.
Successful applicants must meet strict requirements set by MIIT regarding their processing capacity and facilities, but once they are qualified, they can enjoy multiple preferential policy benefits including VAT rebate, Mysteel Global understands.
With the number of qualified steel scrapyards increasing across the country, China's supply of standard steel scrap is expected to expand as well, industry watchers remarked, noting that this is in line with the 'green' development of the ferrous industry advocated by the central government.
Source:Mysteel Global
