Metal recycler China Armco Metals has said that a recently introduced cash for clunkers scheme in China will boost domestic metal recycling.
On 8 June, the Chinese government announced that car owners will be rewarded with between 11,000 RMB and 18,000 RMB (£1,000 to £1,750) if they register their car to be scrapped in 2011. Rural passenger vehicles older than six and 15 years old, city buses between eight and 15 years old, and heavy trucks between 10 to 15 years old, are all eligible for the programme.
China Amrco Metals chief executive and chairman Kexuan Yao said: “Recent policy initiatives such as the cash for vehicles programme signify the government’s commitment to promote higher usage of recycled metals. As an emerging player in this market, we are positioned well to benefit from these policies.”
The company has recently opened a recycling facility at Jiangsu province, that will mainly recycle imported steel, but also some other metals.