Inverted Domestic and Overseas Copper Scrap Prices Make It Hard for Import Traders [SMM Secondary Copper Daily Review]

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SMM March 21

      Today at 11:30, the futures closing price was 81,080 yuan/mt, down 430 yuan/mt from the previous trading day. The average spot premiums and discounts were -15 yuan/mt, a decrease of 15 yuan/mt from the previous trading day. The price of secondary copper raw material remained unchanged MoM. The price of bare bright copper in Guangdong was 74,000-74,200 yuan/mt, unchanged from the previous trading day. The price difference between primary metal and scrap was 2,235 yuan/mt, down 445 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,835 yuan/mt. According to the SMM survey, overseas imported copper scrap is affected by the expectation of China's customs imposing tariffs on US copper scrap. In January and February, the imports of US copper scrap were 3,900 and 31,000 mt respectively. Coupled with the continuous rise in the price of US refined copper, many domestic import traders' offers cannot match the prices of local suppliers. Currently, Chinese quotes have almost no competitiveness in the overseas market, and the inverted price spread has also caused much hardship for many traders.