August Copper Scrap Imports Slightly Declined, With Annual Growth Trend Unchanged [SMM Analysis]

According to the General Administration of Customs, in August 2024, China's imports of copper scrap and shredded copper scrap were approximately 170,000 mt, down 14.82% MoM, but up 9% YoY. Despite the MoM decline, the annual growth trend in copper scrap imports remains intact. (HS code 74040000)

In terms of import sources, the US, Japan, and Malaysia continued to be the top three. Imports from the US were 29,064 mt, down 24.48% MoM; from Japan, 19,156 mt, down 8.02% MoM; while imports from Malaysia showed some resilience with a 22.11% MoM increase, reflecting its unique position in the copper scrap supply chain.

Overall, August saw a moderate increase in copper prices, with overseas markets remaining cautious, leading to a MoM decline in copper scrap imports. This performance aligns with expected seasonal adjustments, yet YoY growth remains robust. Looking ahead to September, given that the traditional "Golden September and Silver October" consumption peak season has not yet shown a significant boost, SMM expects copper scrap imports to remain stable or continue to decline slightly. Market participants should closely monitor domestic and international economic dynamics, policy directions, and changes in downstream demand.