🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

China to issue scrap import license by end-June, earlier than expected by industry

Published 29/05/2019, 06:14
© Reuters. A worker dismantles electronic waste at the government-sponsored recycling park in the township of Guiyu
HG
-

BEIJING (Reuters) - China aims to grant import licenses and a first batch of import quotas by the end of June for soon-to-be restricted scrap metal shipments into the nation, a government spokesman said, slightly earlier than previously expected by the industry.

The recycling branch of the China Nonferrous Metals Industry Association had said last month that the environment ministry would only formally accept import license applications from July 1.

China will restrict imports of high-grade Category 6 copper scrap from July, as well as aluminum and steel scrap, an extension of an earlier ban that started this year on Category 7 scrap, which has less metal content.

Traders and other scrap metal importers will have to show they have the capacity to manufacture scrap into refined metal or semi-finished products such as copper cathode or rods to receive licenses and quotas from the Ministry of Ecology and Environment (MEE).

"The MEE has been carrying out inspections on scrap metals importers and processing companies," ministry spokesman Liu Youbin said on Wednesday, adding that the ministry would not accept applications from companies that had violated rules.

Since the 1980s, China has taken in hundreds of millions of tonnes of foreign scrap metal, paper, plastic and electronic waste for recycling.

But Beijing began restricting deliveries last year, while customs authorities have launched a series of crackdowns on waste smuggling.

"China will resolutely tighten solid waste imports ... The MEE is working to revise related law and regulations, and will strive to publish it as soon as possible," Liu said.

Other nations in the region have also been cracking down on waste cargoes from overseas, with Malaysia saying it would send back non-recyclable plastic scrap to the developed countries that shipped it there.

© Reuters. A worker dismantles electronic waste at the government-sponsored recycling park in the township of Guiyu

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.