Flurry of copper scrap buying ahead of ‘recyclable’ renaming in Nov

There was a surge in buying activity in the Chinese copper scrap market in the second half of October after the release of a long-awaited announcement that the purchase of high-purity scrap will be permitted as a recyclable copper material from next month.

"Everyone has returned to the market to buy [non-ferrous scrap] since the announcement," a trader source said.
With overseas copper scrap more sought after, this sent Fastmarkets’ discount for No.2 Copper (Birch/Cliff) imported into China 94-96% cif China to 30-37 cents per lb on Monday October 26, narrowing from 34-40 cents per lb a month earlier.

Earlier in the month, cargoes from Australia, Asia and the United States were at around 88% of the London Metal...

Published

Julian Luk

October 26, 2020

12:00 GMT

Hong Kong