"Reverse Invoicing" Progress Advances, Enterprises Still Need Time to Adapt [SMM Secondary Copper Daily Review]

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SMM February 25

      At 11:30 today, the futures closing price was 77,060 yuan/mt, down 190 yuan/mt from the previous trading day. The average spot premiums/discounts were -120 yuan/mt, down 15 yuan/mt from the previous trading day. The price of secondary copper raw material fell by 100 yuan/mt MoM. The price of Guangdong bare bright copper was 70,600-70,800 yuan/mt, down 100 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 1,727 yuan/mt, down 100 yuan/mt MoM. The price spread of primary and secondary copper rods was 860 yuan/mt. According to the SMM survey, regarding the progress of implementing "reverse invoicing," some regions in Anhui have begun gradually requiring enterprises to carry out "reverse invoicing" work. However, enterprises indicated that the implementation process still requires time for adaptation, and no consensus has been reached with upstream suppliers on procurement prices.