SHANGHAI, Mar 23 (SMM) – Prices of copper scrap are likely to rise as China’s ban on scrap import will shrink supplies in the market, said Li Shilong, vice president at the China Nonferrous Metals Industry Association, Secondary Metals Branch and director at the China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR).
Effective from the end of 2018, the ban covers imports of Category Seven scrap materials which account for two thirds of China’s copper scrap imports, suggesting a potential shortage of copper scrap supplies on the market.
Li also sees sustainable growth in global copper consumption. By 2030, growth in population and economy will bring about copper demands of 10.4 million mt for homes, appliances and infrastructure. Development of renewable energy, such as solar photovoltaic and wind energy, will boost copper demand by 6.5 million mt and 3.3 million mt, respectively. Electric and self-driving vehicles, including light vehicles, rail transit systems and electric buses, will drive up copper demand by 9.4 million mt.
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