“The oversupply of scrap seen since November is just beginning to come more in balance. China is buying all the [No 2 copper scrap] they can find, and are now heating up on chops. Their appetite for these items is helping draw down excess domestic inventories,” one consumer said.
Stricter non-ferrous scrap import regulations in China
have drastically shifted the nation’s intake of material to cleaner copper units
from lower-grade items previously.
In fact, as China’s appetite for clean material has grown, numerous market participants have seen Chinese traders return to the European market for certain copper scrap units, marking a big shift in the international landscape.
“They have been...