Proportion of Producers Using Scrap Copper Down in August

SHANGHAI, Sept. 13 (SMM) –Based on a survey of 21 major domestic copper plate, sheet, strip and foil producers, the proportion of producers using scrap copper as raw materials was 18.9% in August, down 5.3% from a month ago.

After significant scrap copper declines in early August, cargo-holders of scrap copper became reluctant to sell at low prices due to losses in building up stocks. Besides, summer holidays in Europe and the US also hampered scrap copper stockpiling. As a result, scrap copper prices held firm, and narrowed the price gap with refined copper prices. Taking # 1 scrap copper as example, the price gap between # 1 scrap copper (including tax) and refined copper gradually narrowed and even fell below RMB 0/mt, dampening enterprise interest of purchasing scrap copper.