SHANGHAI, Nov 23 (SMM) – China's copper smelters and processors consumed some 208,200 mt of copper scrap in October, up 28,300 mt, or 15.76% from September, an SMM research found.
Among this, consumption of domestic copper scrap accounted for 49%, and imports 51% or 105,200 mt, according to the research.
Some 48% of the copper scrap was consumed by domestic smelters, while the rest 52%, or 107,800 mt, was used by processing plants. Among those downstream processors, copper rod plants consumed some 60% of the scrap supplies in the processing sector.
After the National Day holiday in early October, higher prices of refined copper widened its price spread with scrap materials, and this boosted consumption of copper scrap.
Operation rates across scrap-using rod producers rose by 11.17 percentage points from September, to 61.54% in October. Those mills consumed some 77,300 mt of copper scrap last month, up 16,400 mt from September, SMM surveyed.