SHANGHAI, May 18 (SMM) – Total approved copper scrap imports for this year rose to 482,400 mt, after the 12th batch of approvals for restricted solid scrap material imports was released on Tuesday May 15, SMM learned. This is down 83.9% from the total of 11 batches in 2017.
Ten companies that imported scrap metals, waste plastics, and waste paper received approval. Approvals were granted by the solid waste management centre of China's Ministry of Ecology and Environment.
Of the ten companies, four that were located in Guangdong or Guangxi province were allowed to import 12,501 mt of scrap metals this year, among which 11,822 mt were copper scrap. The figure, though up from 6,862 mt of approved copper scrap in the 12th batch of approvals on May 3, remains at lows.
SMM surveyed that supply pressures have not built up from the decline in the approved copper scrap imports, due to sluggish downstream demand. Orders dipped from the start of May across copper rod producers that used copper scrap as raw materials. Profits were lower for products produced from scrap while profits from copper rods produced from copper cathode grew.
A total of 11 batches of approvals were released in 2017. It is unclear if further approvals will be issued this year. In March, imports of Category Seven copper scrap materials fell about 70% from the same period last year, as China banned imports of 16 scrap metals from April 19.
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