In a statement made on January 21, China’s Ministry of Industry and Information Technology (MIIT) issued the eighth batch of approved steel scrap suppliers nationally.
Accordingly, the MIIT approved 101 new steel scrap collecting and recycling enterprises in the eighth batch. The enterprises will be able to enjoy preferential policy benefits, for instance, substantial refunds of up to 30 percent on their VAT payments.
Since 2013, China has released seven lists of qualified steel scrap suppliers, up to a total number of 379, while this year the MIIT disqualified two steel scrap companies. As a result, there are now a total of 478 approved steel scrap enterprises.
As of January 1, China adopted new standards for the steel scrap industry, which lifted most of the restrictions on scrap imports and opened the import market which had been blocked since 2018.
After the introduction of the new standards, more scrap suppliers may seek MIIT approval for 2022. “More market players are seeking opportunities in the scrap business,” one market player commented.