SHANGHAI, Oct. 22 (SMM) –According to China Customs, China's scrap copper imports during September were 460,000 mt, up 4.99% MoM and 9.95% YoY, and a new high for the year.
The SHFE/LME copper price ratio remained near 7.2 throughout August and September, causing losses for high-quality imported scrap copper. However, as brass prices remained stable, importers showed no interest in importing brass, but instead turned to scrap copper imports, which climbed to as high as 460,000 mt during September. According to SMM sources, although improving European and US economies caused copper prices to rise in September, prices for low-quality scrap copper from scrap motors, wires, and cables remained low, allowing scrap copper importers to increase scrap copper from these sources. Scrap copper from Japan and the Middle East flooded into China, and since scrap copper traders chose to import prior to China's National Day holiday in early October, scrap copper imports surged during September.