Copper Prices Rebounded, Suppliers of Secondary Copper Raw Material Sold at High Prices [SMM Weekly Review of Secondary Copper Raw Material]

Published: Apr 25, 2025 13:31

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【SMM Analysis: Copper Prices Rebounded, Secondary Copper Raw Material Suppliers Sold at High Prices】During the week, the center of copper prices shifted upward, with an increase of 1,400 yuan/mt. The price of bare bright copper in Guangdong rebounded to 71,800-72,000 yuan/mt, up 900 yuan/mt. After the temporary easing of the U.S.-China trade war, copper prices were restored, and secondary copper raw material suppliers were also willing to sell inventory secondary copper raw materials to replenish cash flow. According to the weekly raw material inventory data of secondary copper rod sample enterprises, the raw material inventory of secondary copper rod enterprises this week was 4,650 mt, up 500 mt WoW...

SMM April 25: Copper prices rose by 1,400 yuan/mt WoW, with bare bright copper prices in Guangdong rebounding to 71,800-72,000 yuan/mt, up 900 yuan/mt. After a temporary easing of the US-China trade war, copper prices recovered, and suppliers of secondary copper raw materials were also willing to sell their inventory to replenish cash flow. According to weekly data from sample secondary copper rod enterprises, raw material inventory this week stood at 4,650 mt, up 500 mt WoW. Some secondary copper rod enterprises have started preparing for raw material procurement ahead of the May Day holiday, leading to a moderate increase in secondary copper raw material prices to encourage suppliers to release more inventory. Including in-transit secondary copper raw materials, the inventory of sample secondary copper rod enterprises could reach 5,650 mt, ensuring continuous production before the holiday.

On the import side, traders reported that almost no US-origin secondary copper raw materials arrived in April, and European offers for secondary copper raw materials have decreased by nearly one-third this year. Import traders expect secondary copper raw material imports to drop by at least one-third this year. With a significant reduction in import sources and no notable increase in domestic dismantling volumes, raw material shortages will continue to impact the operating rates of scrap utilisation enterprises.

This week, the CIF price of US #1 copper scrap was quoted at the COMEX copper May contract price minus 68-69¢/lb, while the CIF price of #2 copper scrap was quoted at the COMEX 3M copper contract price minus 73-76¢/lb. US brass scrap (65-65.5% LME, non-China destinations) and non-US Cu98.5% wire nodules CIF offers had LME coefficients of 96.5-97%, and non-US bare bright copper CIF offers had LME coefficients of 98.5-99% LME.

Looking ahead to next week, stockpiling sentiment is expected to intensify before the holiday. If copper prices fail to maintain their upward trend, secondary copper rod enterprises may choose to raise prices to secure materials and ensure normal operations during the holiday.

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