Non-ferrous scrap renaming uncertainty dampens Chinese buying; import quotas dry up

Chinese non-ferrous scrap importers largely stayed on the sidelines during June, with a lack of detail surrounding China’s renaming of certain scrap metal as renewable materials causing participants to refrain from making any purchases.

“Today is the last day of June and nothing new on customs codes and inspection procedures has been released from Chinese customs yet,” an industry source said.
The source added that it is unlikely China will meet the schedule to start trading copper and aluminium scrap metal as renewable materials on Wednesday July 1.
A market participant, after speaking to an inspection official, concluded: “I think no one knows what’s actually going to happen until it happens.”

Currently, copper, brass and...

Published

Julian Luk

June 30, 2020

10:34 GMT

London