Jan imports of copper scrap shrink 11.5% on year

SHFE nonferrous metals broadly closed higher across the board on Monday July 5.

This is a roundup of China's metals weekly inventory as of July 2.

SHFE nonferrous metals broadly fell on Thursday June 3 as investors reacted to data releases in China.

SHFE nonferrous metals closed mixed on Wednesday June 2, and investors in the US and Europe were looking ahead to key US jobs data later this week and upcoming meetings of the Fed and the European Central Bank.

The fluctuation band of aluminium scrap taint was 300 yuan/mt last week, while that of aluminium scrap tense was 200 yuan/mt. Poor sales at secondary aluminium producers pressured aluminium scrap prices. Import restrictions kept supply of aluminium scrap tense tight. Aluminium scrap prices will remain under downward pressure and the price difference between primary aluminium and aluminium scrap will continue to expand before the completion of the next pricing cycle of secondary aluminium in early April.

China imported 47,000 mt of aluminium scrap in October, down 40.4% on the month, and down 21.5% on the year, and imports totalled 680,000 mt in the first ten months of 2020, down 48% from the same period last year, the latest customs data showed. 

Leo Yi, senior analyst at SMM, explained the challenges posed by the new solid waste law to China’s aluminium scrap supply and operations at secondary aluminium producers

China approved just 121,000 mt of aluminium scrap for imports in its 12th batch of approvals, bringing the total approved amounts to 818,000 mt so far this year, according to the China Solid Waste and Chemicals Management.

China imported 75,113 mt of copper scrap in July, an increase of 9.26% from June but a decline of 41.1% from a year earlier. Year-to-date imports through July stood at 505,731 mt, down 47% on the year.

SHFE nonferrous metals broadly fell on Tuesday August 25 as bullion prices tumbled.