Utilization Rate of Scrap Copper Remains Low in January

SHANGHAI, Feb. 19 (SMM) – Based on the latest SMM survey, the utilization rate of scrap copper at major Chinese copper wire rod producers remained low at 1.85% in January.

The average price gap between SMM#1 bare bright (including tax) and refined copper was RMB 872/mt in January, down from December's RMB 1,029/mt. Coupled with inadequate market supply, scrap copper cargo-holders became more reluctant to move goods. This resulted in the fact that copper wire rod producers could not find scrap copper sources with appropriate prices. The utilization rate of scrap copper at these surveyed copper wire rod producers thus remained low during January.