Daily Updates on SHFE Base Metals and Stainless Steel Warrants on July 3

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 03 Mar , 2026

According to data, China's total imports of recycled copper raw materials reached 2.34 million physical tons in 2025, up 3.96% year-on-year from 2.25 million physical tons in 2024. However, the source structure shifted markedly. Among the top five supplier countries, imports from the United States plunged 67.88% year-on-year amid ongoing China-US trade tensions, while imports from Malaysia fell 32.61% due to tightening scrap import policies. Offsetting these declines, imports from Thailand surged 88.58%, and those from Japan and South Korea rose 32.96% and 32.95% respectively, driving a continued increase in Asia's overall share of supply.

Looking ahead to tomorrow, the discount for spot copper is expected to continue its slow recovery, though the room for improvement remains limited.Intraday trends showed spot premiums stabilizing, with traders holding firm on pricing and only non-registered copper discounts narrowing slightly. Downstream acceptance is gradually improving.The narrowing month spread may reduce warrant delivery interest. Supply remains ample due to sustained arrivals of domestic and imported copper, alongside high social inventories. Downstream operations are recovering, but demand growth is too slow to significantly boost premiums.In short, the discount is slowly correcting, but upward momentum is weak.