Copper Scrap Traders' Active Shipment Failed to Improve the Supply Tightness in China

SHANGHAI, Nov 1 (SMM) - According to customs statistics, China's import volume of copper scrap was 167,000 mt in September, up 7.99% MoM, a new high since April 2022. The imports totalled 1.36 million mt from January to September, up 9.97% YoY. LME copper prices kept rising from mid-July to the end of August, which boosted overseas copper scrap suppliers' shipments. At the same time, the import window remained open, encouraging China's imports, especially at a time when the renewed COVID-19 seriously tightened the domestic supply and severely hindered the efficiency of recycling and circulation of scrap in the country. In August, some overseas suppliers were less willing to ship due to the losses caused by the low copper prices in the year. Owing to the fluctuation of copper prices and the supply tightness of domestic scrap, SMM expects China's scrap imports to remain at the current level for a period of time before the end of 2022.