Copper trade remains contentious.Despite a recent U.S. Department of Commerce ruling rejecting a request for the its intervention to monitor and restrict U.S. exports of copper scrap, a group of red metals production and fabrication fabrication (fab´rikā´shn),
n the construction or making of a restoration. companies continues to clamor for government attention.
The Copper and Brass Fabricators Council Inc.(CBFC CBFC Central Board of Film Certification
CBFC Copper and Brass Fabricators Council
CBFC Colwyn Bay Football Club (Wales) ) and the Non-Ferrous Founders Society (NSF NSF - National Science Foundation ) have jointly authored a white paper titled "Smuggling smuggling, illegal transport across state or national boundaries of goods or persons liable to customs or to prohibition. Smuggling has been carried on in nearly all nations and has occasionally been adopted as an instrument of national policy, as by Great Britain , Bribes, and Subsidies: The Copper Industry in China."
Joseph L. Mayer, president and general counsel of the CBFC, says, "Chinese government Ever since Republic of China founded in January 1st, 1912, China has had several regional and national governments. List
The report groups the Chinese policies that encourage the development of its copper industry to the detriment of the world marketplace into five points:
* Ownership and control of China's copper industry by provincial and city governments has protected the industry from market forces and bestowed direct and indirect subsidies.
* Preferential refunds of value-added taxes paid on imported raw materials have acted to lower costs to the Chinese industry.
* Various forms of misclassification and customs fraud are understood to betaking place at Chinese ports of entry, allowing copper producers to obtain raw materials at artificially reduced costs.
* The Shanghai Metal Exchange Shanghai Metal Exchange (SHME), one of the national level futures exchanges of China, was established on 28 May 1992. SHME is a non-profit, self-regulating corporation. The exchange was created for trading in non-ferrous metals and currently contracts for several non-ferrous metals has been maintained as an exclusive entity handling future agreements and trading of nonferrous metals within China and appears to act as a means of encouraging Chinese involvement in value-added copper processing and production, independent of the dictates of the global copper market.
* Pegging Chinese currency Currency has been used in China since the New Stone Age, in which Chinese also invented paper money in the 9th century.
Today Renminbi (Chinese: 人民幣), literally People's currency, abbreviated to RMB, is the currency in mainland of the People's to an artificially low rate of exchange with the U.S. dollar has increased Chinese exports of finished products produced from copper and copper alloys and has allowed China to build up massive reserves of U.S. dollars, which are then used to pay top dollar for raw materials, notably copper scrap, in the United States.
The Institute of Scrap Recycling Industries Inc. (ISRI ISRI Institute of Scrap Recycling Industries
ISRI Institute for Software Research, International (Carnegie Mellon University)
ISRI Information Science Research Institute
ISRI Intelligent Systems Research Institute ), representing many of the exporters, has urged the Commerce Department to resist placing restrictions on scrap exports. "Export controls are bad policy, bad for the economy and are counter to overall U.S. trade policy," ISRI President Robin Wiener says.
"We should not fight alleged unfair trade practices abroad with our own unfair trade practice here at home," Wiener remarks.