China to cut import duty of scrap copper
Shanghai— China will adjust
down the import duty of scrap copper next year, said Zai Xin,
vice secretary-general of the Reclaimed Metal Branch of China
Association of Nonferrous Metals Industry.
This aims to promote the orderly
development of scrap metal retrieving industry and safeguard the
economic security of the non-ferrous metal sector, noted Zai when
attending the 2nd China Copper Conference.
At present, the supply of copper
resource is tight in China, and the gap between copper production
and copper smelting capacity is widening, both having caused imports
of scrap copper to grow rapidly.
In the first three quarters of
this year, China’s copper production reached 1.85 million
tons, rising 18.4 per cent on-year, while its import of scrap
copper topped 2.6 million tons, soaring 30.4 per cent on-year.
China has become the world’s
No.1 buyer of scrap metals, but the disorderly competition and
the tight supply of industrial raw materials in export countries
have resulted in a continued increase in the difficulty to import
scrap metals and the import cost as well.
The relevant department plans
to cut the import duty of scrap copper, so as to reduce the import
link cost, promote the orderly and steady development of the industry
and ensure the copper supply to meet the demand of the development
of the national economy.
Importing nonferrous metal scrap
is a key way for China to make up the nonferrous metals resource
and reclaiming scrap metals will be a rising industry long-term,
said the official.
The nonferrous metal retrieving
market is at present large in China. Take copper for example.
Though China’s copper ore production grew 7 per cent to
reach 607,000 tons in 2004, its smelted copper production jumped
12 per cent, and the gap between copper ore production and the
demand of refined copper production expanded from 1.23 million
tons in 2003 to 1.45 million tons in 2004.
China imported 3.96 million tons
of scrap copper and copper-bearing scrap in 2004 and the import
will reach 4.4 million tons in 2005, from which, China may get
more than 800,000 tons of copper.