SHANGHAI, Sept. 25 (SMM) – China’s scrap copper imports fell to 343,500 tonnes in August, 4.59% lower than July, Customs data indicate.
Higher prices offered by foreign scrap yards, sluggish demand in China, and growing environmental pressures largely hurt importing enthusiasm at Chinese traders.
Many Chinese scrap copper traders switched to other businesses or went bankruptcy this year as scrap copper prices in China’s markets remained below quotations from foreign supplies. SMM’s surveys show that some large Chinese traders began cutting scrap imports.
On the supply side, weakness in European economy continued to curb scrap copper output there. Import volume from the US – contributor of nearly 30% of China’s scrap copper imports – also posted a decline in August.
Depressed copper prices and tight cash flow, as well as anemic demand from China will still keep scrap copper in check in September. SMM expects the volume to be around 350,000 tonnes in September.
China imported 2.46 million tonnes of scrap copper in the first eight months, down 11.94% year-on-year.
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