Copper scrap imports in Jul hit 2018 high

SHANGHAI, Aug 20 (SMM) – China’s monthly copper scrap imports in physical volume hit the highest level so far this year in July at 232,400 mt, up 16.2% from June but down 19.1% from July last year, according to China Customs data.

Some 153,500 mt of copper scrap received green light in the 15th batch of approvals for restricted solid scrap imports in early July, marking the largest volumes among the 17 batches so far this year.

In physical volume, Category Seven and Six copper scrap accounted for 41.3% and 58.7%, respectively, of the July copper scrap imports. In copper content, Category Seven and Six accounted for some 20% and 80%, respectively, with an average copper content at 54.5%.

Customs data also showed that the country during January-July imported 1.38 million mt of copper scrap in physical volume, down 35.4% year on year. This translates to some 787,000 mt in copper content, down 30,000-40,000 mt from a year ago.

A total of 35,000 mt of copper scrap in physical volume, with 68.6% of Category Seven materials, was imported from the US last month. This marked the second lowest so far this year, just higher than the level recorded in February when there was the Chinese New Year holiday. This indicated that copper scrap imports from the US began to shrink.

Given the 25% tariffs on US copper scrap, starting from August 23, copper scrap imports from the US are set to further decrease in August.