SHANGHAI, Jun. 19 (SMM) – According to the latest SMM survey of major domestic copper plate, sheet, strip, and foil producers, the scrap copper utilization ratio fell again in May, down below 20%.
Although the price spread between scrap and refined copper rose some in a few days in May (for example, the price spread between #1 bare bright (including tax) and refined copper surpassing RMB 1,000/mt), tight scrap copper supply restricted purchase volumes from copper plate, sheet, strip, and foil producers. In addition, these producers had little intention of preparing for raw material stocks given unclear copper price trends. Therefore, the scrap copper utilization ratio dipped during May.