SMM Weekly Review on Scrap Copper Consumption (Aug. 22-26)

SHANGHAI, Aug. 30 (SMM) –Last week, the price gap between scrap and refined copper was less than RMB 1,000/mt. Due to the narrowed price gap, buyers found no obvious price advantages when making purchases, so they tried to cut purchasing prices down to maintain profits. However, cargo-holders were unwilling to sell at discounts after copper price slumps and low scrap copper inventories, and meanwhile difficulties in stocking also weakened importers' interest in scrap copper imports, resulting in offers at discounts of negative RMB 500/mt levels from some cargo-holders of scrap copper. Based on sources, discounts for bare bright copper remained around RMB 1,000/mt over the past week, keeping market transactions muted.