China's 4th batch of copper scrap import quotas for 2020 further shrank in volumes

Published: Mar 9, 2020 10:40

Save

Allowances in the first four batches this year amounted to 305,640 mt, accounting for 54.5% of the total 15 batches of import quotas in 2019, which stood at 560,600 mt. SMM expects the substantial amounts of import quotas so far this year to guarantee the domestic supply of high-grade copper scrap.

SHANGHAI, Mar 9 (SMM) – China's environmental authorities on March 7 issued the fourth batch of copper scrap import quotas for 2020, with the volumes further declining from the previous three batches.

The China Solid Waste and Chemicals Management Bureau, a unit of the Ministry of Ecology and Environment, granted import allowances for 3,520 mt of high-grade copper scrap to nine importers in the latest release, compared to 270,900 mt in the first batch, 26,600 mt in the second batch and 4,620 mt in the third batch.

Allowances in the first four batches this year amounted to 305,640 mt, accounting for 54.5% of the total 15 batches of import quotas in 2019, which stood at 560,600 mt.

SMM expects the substantial amounts of import quotas so far this year to guarantee the domestic supply of high-grade copper scrap. Copper scrap supply will recover after copper prices halt declines and bounce back.

Market commentary Copper scrap Import quotas

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

17 mins ago

Tight Spot Supply, Spot Premiums Rise [SMM North China Spot Copper]

Today, in North China, the average spot prices against the front-month contract for #1 copper cathode were at a discount of 100 yuan/mt, up 30 yuan/mt from the previous trading day, and the average transaction price was 101,305 yuan/mt, up 1,910 yuan/mt from the previous trading day.

17 mins ago

1 hour ago

Middle East Escalation: Copper Prices Under Pressure Amid Rising Supply Risks in Africa

Tensions in the Middle East have escalated again recently, as the conflict between Israel and Iran continues to intensify, drawing renewed global attention to energy transportation security in the Gulf region.Given the high level of uncertainty surrounding the development of the situation, market risks are clearly skewed to the upside. This article provides a brief analysis of how the current conflict may affect the copper market going forward.

1 hour ago

2 hours ago

Chile’s Copper Export Revenue Surged in February; Overnight LME Copper and SHFE Copper Both Closed Higher [SMM Copper Morning Meeting Minutes]

SMM Morning Meeting Minutes: Overnight, LME copper opened at $12,794.5/mt. After dipping to $12,734/mt in early trading, its center rose throughout the session, touching a high of $12,968.5/mt near the close, and finally settled at $12,919/mt, up 0.39%. Trading volume rose to 31,000 lots, an increase of 6,518 lots from the previous trading day; open interest rose to 303,000 lots, down 5,089 lots from the previous trading day, mainly reflecting bears reducing positions overall. Overnight, the most-traded SHFE copper 2604 contract opened at 100,230 yuan/mt. After bottoming at 100,050 yuan/mt in early trading, its center rose throughout the session, touching a high of 101,250 yuan/mt at the close, and finally settled at 101,160 yuan/mt, up 1.28%. Trading volume fell to 46,000 lots, down 148,000 lots from the previous trading day; open interest fell to 197,000 lots, down 3,094 lots from the previous trading day, mainly reflecting bears reducing positions overall.

2 hours ago