SHANGHAI, Jul 4 (SMM) – Some 153,500 mt of copper scrap received the green light in the 15th batch of approvals for restricted solid scrap imports, marking the largest volumes so far this year.
The approval was released on Monday July 2 by the solid waste management centre of China's Ministry of Ecology and Environment. The approved volume this time exceeded the 125,700 mt in the 10th batch of approval.
A total of 28 companies concerning copper scrap imports made it to the approved list this round. Among them, 27 were located in Zhejiang province, and one in Guangxi province. Three of them received approval for the first time, SMM learned.
The 15th batch brought the total approved copper scrap imports this year to 641,700 mt, down nearly 78.7% from the volumes approved in a total of 11 batches last year.
While we expect the volume of approved copper scrap imports in the third quarter would exceed the 270,800 mt during the second quarter, such imports still face restrictions in the long run as Category Seven scrap materials will be completely banned from the end of this year.
Separately, some 218 mt of aluminium scrap and 109,500 mt of steel scrap imports were approved in the 15th batch.
China's copper scrap imports in May declined 33.3% from a year ago to stand at 210,000 mt, customs data showed. This brought copper scrap imports from January to May to 950,000 mt, down 37.4% year on year.
China's stricter inspections of all US-imported scrap from May 4 accounted for the decline. Given a typical one-month shipment time from the US to China, the inspections are set to impact the country's copper scrap imports in June as well.
