Several steel mills in China have raised their bids for ferrous scrap by 80-120 yuan ($12-18) per tonne in response to the January l removal of a 50 rebate on the 17 VAT tax. However, scrap suppliers are unimpressed, preferring to start 2011 by sitting on their stocks, confident that prices will rise by much more. "As a 50 VAT rebate on scrap trades has been cancelled, the cost has risen by nearly 300 yuan. Steel mills' raising offers by around 100yuan is far from enough, now that imported materials are priced at an equivalent of 4,000 yuan per tonne,” a scrap trader in Changzhou, Jiangsu province said.
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