SHANGHAI, Jan. 28 (SMM) – China Customs reports a 13.97% MoM rise in scrap copper imports in December to 366,500 tonnes, though this was 7.72% lower in December 2013.
The higher SHFE/LME copper price ratio following LME copper’s plunge below $7,000 per tonne contributed to December’s MoM growth.
Another major contributor was the expiration of import permits from environmental protection offices at the end of the year. This drove some importers to place orders in December out of fears that they might not secure 2015 permits in the face of tightening requirements.
SMM expects scrap copper imports to fall to some 350,000 tonnes in January as the copper market remains in an offseason and as foreign scrap yards continue to hold prices high.
Import for the whole of 2014 dropped 11.38% to 3.87 million tonnes.
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