Luo Tiejun, vice president of the China Iron and Steel Association (CISA), has stated at the National Scrap Convention on December 28 that CISA will suggest that the central government and relevant departments should carry out research on a preferential VAT policy for imports of steel scrap materials.
In the January-November period this year, China produced 950 million mt of crude steel, down 2.6 percent year on year. CISA has forecast that the crude steel output will likely decrease to 1.03-1.04 billion mt in 2021, after reaching 1.053 billion mt in 2020.
According to Mr. Luo, China needs to further guarantee its raw material supply capability and promote low-carbon and circular development of the steel industry. Luo said that China needs to find a way to resolve the tax problem as regards scrap and to correctly evaluate scrap output in China, thereby developing in an orderly manner steel production by electric arc furnaces.