CHINA August 02 2017 4:31 PM
BEIJING (Scrap Register): The Chinese ban on scrap metal, scrap wire, scrap motor imports is expected to take a hit on 0.330 million tons of Copper scrap imports, as per Jiangxi Copper Corp. The ban will be implemented by the end of 2018.
Shanghai Futures Exchange's most active September 1709 copper futures reached a high of Yuan 50000 ton to close at Yuan 50050 ton on Wednesday, which increased by about Yuan 1810, on back of the news about the ban.
The ban on scrap metal, scrap wire and scrap motor imports could spur some dismantling capacity in China to be relocated to Southeast Asian nations, adding that when mainland Chinese dismantling capacity is renewed, China's copper scrap imports are expected to rebound, as per Jiangxi Copper.
During January-May, China's national copper scrap imports reached 1.51 million tons, which increased by about 18 percent when compared to the corresponding period last year. On July 18 he Ministry of Environmental Protection submitted documents to the World Trade Organization to ban the solid wastes in order to protect the environment and to reduce the waste.