Number of Producers Using Scrap Copper Down In August

SHANGHAI, Aug. 30 (SMM) –Based on the latest SMM survey of domestic copper wire rod producers, the number of producers using scrap copper as raw materials for July declined significantly from June levels.

SMM believes as the price gap between refined and scrap copper falls during August, the price advantages of scrap copper virtually disappeared, greatly depressing copper wire rod producer interest in using scrap copper as raw materials. Taking # 1 bare bright copper (including tax) as an example, its price gap with refined copper continued to drop from RMB 1,000/mt in early August, and became zero on some certain days during August.