SMM은 10월 동(구리) 빌릿 수요가 계속 부진할 것으로 전망한다.

Chinese customs inspections on imported recycled copper raw materials have continued to tighten, leaving a growing volume of non-compliant copper scrap held up at ports. According to SMM market checks, nearly 10,000 tonnes of copper scrap are currently waiting in Hong Kong for entry into Guangdong. Longer customs clearance times are increasing inventory and working-capital pressure on some traders. The affected cargoes are mainly No.2 copper originating from Latin America and Southern Europe. With customs inspections remaining stringent, disruptions to scrap inflows are reducing the effective availability of imported copper scrap in the Chinese market and adding to near-term supply tightness.

China's copper scrap pricing coefficients moved broadly higher this week, supported by tight invoice availability, elevated refined copper spot premiums and disruptions to overseas scrap imports. Tight domestic feedstock availability has prompted Chinese buyers to raise bids. Millberry is currently quoted at around 98.5%–99.5% of LME copper, No.1 copper at 97.5%–98.5%, and No.2 copper at around 96.5%, while some No.2 material containing gold and silver can reach around 98%. Higher Chinese bids are increasingly feeding through to overseas markets, strengthening sellers' pricing expectations and pushing up copper scrap coefficients in several regions. With China's invoice constraints yet to ease materially and imported scrap availability remaining tight, copper scrap pricing coefficients are expected to remain well supported in the near term.

[SMM 황동봉 플래시] 이번 주(9.25~10.1) SMM 황동봉 표본 기업의 가동률은 37.90%로 전주 대비 11.93%p 하락했다. 중추절 및 국경절 연휴의 영향으로 기업들이 잇따라 휴업에 들어가면서 생산이 크게 위축되었다. 높은 구리 가격과 재생 황동 원자재 공급 부족으로 가공 마진이 얇아졌다. 하류의 명절 전 비축 열기도 약해 비축량이 지난해 같은 기간보다 적었고, 완제품 재고 소진도 더뎠다.