SHANGHAI, Mar. 9 (SMM) – China imported 306,500 tonnes of scrap copper in January, down 60,000 tonnes, or 16.39%, on the month and 4.54% year-on-year, Customs data show.
China scrap copper imports have declined every January since 2003.
Despite the relatively high SHFE/LME copper prices ratio this January, falling copper prices left traders reluctant to import scrap copper. This was compounded by the Chinese New Year holiday, weakening scrap demand, tight liquidity, and concerns over a post-holiday price decline, each of which stoked caution among Chinese traders.
Some importers cut purchase volumes out of fears that they might not be able to renew import permits from environmental protection authorities this year.
SMM expects a sharp fall in February scrap copper imports due to Chinese New Year.
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