Utilization Rate of Scrap Copper Edges Down in October

SHANGHAI, Nov. 20 (SMM) – Based on the latest SMM survey of 21 major domestic copper plate, sheet, strip, and foil producers, the utilization rate of scrap copper was 24.36% in October, down slightly 0.43% from 24.79% seen in September.

The price differential between scrap and refined copper shrank gradually in late October, down from around RMB 1,100/mt to RMB 500/mt, depressing scrap copper cargo-holders’ interest in moving goods. In this context, most of the surveyed copper plate, sheet, strip, and foil producers opted to consume scrap copper stocks built in September when the price gap between the two was favorable. The utilization rate of scrap copper thus did not experience sharp decline in October.