China’s Scrap Copper Imports to Continue to Slide in February

SHANGHAI, Feb. 27 (SMM) - China’s scrap copper imports are expected to continue to slide this month to below 300,000 tonnes due to unfavorable prices and the Lunar New Year factor, Shanghai Metals Market foresees.

SHFE/LME copper price ratio has deteriorated further since January, which is set to defer imports and tighten supplies of the material, according to SMM’s research team.

China’s imports of scrap copper fell sharply by 19.18% month-on-month to 321,000 tonnes in January, according to customs data. They were 15.51% lower from a year ago.

A majority of scrap copper importers preferred not to increase buying before the Lunar New Year in a tight liquidity environment, and most scrap yards chose to start the holiday in advance, cutting demand further, SMM understands.