SHANGHAI, Oct. 24 (SMM) – China’s scrap copper imports rose to 392,000 tonnes in September, the highest so far this year and up 14.12% from August, Customs data indicate.
Scrap copper imports usually post month-on-month growth in September as importers choose to declare goods at Custom houses in advance to stave off any shipment delay caused by China’s National Day holiday in early October.
Losses on imported scrap copper narrowed in September after the SHFE/LME copper price ratio recovered, also boosting scrap imports.
That being said, traders have shown little interest in scrap imports this year due to high prices offered by overseas suppliers. Chinese traders mostly favored low-grade scrap that needs to be dismantled. Many smelters also turned to blister copper.
Some dismantling companies will ramp up production before winter, so scrap copper imports may hold up (excluding holiday factor) unless the SHFE/LME copper price ratio slumps.
The January-September imports totaled 2.86 million tonnes, down 10.54% YoY, with the decline slowing for a fourth straight month.
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