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Stainless Espresso: China raises tax rebates for nickel, lithium, manganese and cobalt scrap
Stainless Espresso: China raises tax rebates for nickel, lithium, manganese and cobalt scrap

3 February 2022 – China is adjusting tax rebates for battery scrap containing nickel, lithium, manganese or cobalt, among other materials, as of 1 March 2022. Prices for these raw materials have risen significantly in recent months. And the base metals are starting the trading day on a positive note.

China increases tax rebates for nickel, lithium, manganese and cobalt scrap

On 1 March 2022, a new tax rebate increase will come into force in China. Among other things, it increases the tax rebates for nickel, lithium, manganese and cobalt battery scrap from 30% to 50%. This is according to an announcement by the Chinese Ministry of Finance and the State Administration of Taxation.

Renewable recycling to become more attractive

With the new tax rebates, the Chinese government wants to make recycling of the important renewable energy raw materials more attractive. A clear indication that the corresponding raw materials nickel, lithium, manganese and cobalt are classified as scarce and valuable and are urgently needed for the green transformation.

5 million Electric Vehicles in 2022

With more than 3 million EVs already sold in China in 2021 and sales of 5 million EVs forecast for 2022, recycling is likely to become a very important component in the battle for available raw materials.

Renewable raw materials on the rise

The price of a tonne of cobalt alone has shot up by more than 30% since October 2021. The same applies to the price of nickel on the LME. The price of lithium carbonate has more than doubled in the same period.

Base metals start the trading day on a positive note

Nickel, aluminium and zinc started the trading day on a positive note. Nickel is up 2% on the LME so far, aluminium continues to hold above $3,000 per tonne, and zinc is up more than 0.9%.

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