China Jun copper scrap discount narrows; buyers return on receiving first quota approval

The discount for No2 copper scrap, comprising 94-96% copper content, narrowed in the Chinese market this month while more buyers began acquiring spot units after the first batch of quotas were announced for purchases in the second half of 2019.

Fastmarkets’ monthly assessment of the discount for No2 copper, birch/cliff stood at $0.29-0.35 per lb on a cif China basis, as of June 24, down from $0.34-0.38 per lb a month ago. Southeast Asia-origin copper scrap has reportedly being sold at around 88-89% of the London Metal Exchange three-month copper price during the first three weeks of June. Starting July 1, the import of eight types of scrap metal - including No1 and No2 copper scrap, several types of aluminium scrap and steel scrap – into China will be restricted by quantity and on a quota basis. The...

Published

Julian Luk

June 24, 2019

16:00 GMT

London