SHANGHAI, Nov 23 (SMM) – Domestic copper smelters smelted some 100,400 mt of copper scrap in October, up 8.5% or 7,800 mt from September, an SMM survey found.
In October, smelters favoured copper scrap as raw materials, instead of blister copper, as the price spread between the two widened. SMM assessed that copper prices returned above 50,000 yuan/mt last month, and this widened the price gap between refined and scrap copper.
Lower demand for blister copper also buoyed domestic refining charges (RCs) of the materials, SMM learned. RCs were mostly offered at 1,650 yuan/mt in October, up 150 yuan/mt on the month.