CHINA July 26 2017 5:11 PM
BEIJING (Scrap Register): China, the world's largest consumer of the metal is looking forward to ban the imports of some metal scrap, which includes Copper by the end of 2018, and is expected to lead to the import of higher refined Copper.
This decision is on the back of reducing the pollution in the country which is caused by the dumping of scrap waste from heavy industries. As the after effect of this reaction, London Copper rushed to its highest point in two years, also the Chinese future too increased to the highest in more than five months.
The recycling branch of the China Non Ferrous Metals Industry Association had received a notice about the ban of scrap metal imports including wire, motors and bulk scrap metal by the end of 2018.
“The market is reacting to the news about China banning scrap cables, scrap motor and other scrap metals from the end of next year, which could block a lot of copper supply into China,” Li Chunlan, analyst at consultancy CRU in Beijing.