SHANGHAI, Nov. 13 (SMM) --
According to preliminary data released by China Customs, China's imports of scrap copper were 260kt during October, down 36.85% MoM, and down 36.04% YoY. YTD imports were 3.25 million mt, down 32.8% YoY. China's imports of scrap copper was down significantly during October, lower than CBI's previous forecast of 300-350kt, and was due mainly to the low SHFE/LME copper price ratio and a reluctance on the part of scrap copper traders to replenish stocks. As trading sentiment in scrap copper markets remains negative in November, importers will not likely import goods given high copper prices and possible declines in market consumption. In this context, China's imports of scrap copper are expected to be 250-300kt during November.
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