Suppliers refuse to budge on prices when shipping goods, even at prices higher than those of traders [SMM Daily Review of Secondary Copper]

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SMM July 14

      At 11:30 today, the futures closing price was 78,530 yuan/mt, down 130 yuan/mt from the previous trading day. The average spot premiums/discounts were -20 yuan/mt, up 5 yuan/mt from the previous trading day. Today, the price of secondary copper raw material decreased by 100 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,900-73,100 yuan/mt, down 100 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 850 yuan/mt, down 19 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 545 yuan/mt. According to the SMM survey, copper prices continued to decline slightly. Many suppliers held firm on their quotes for high-grade secondary copper raw material. Even some large scrap yards indicated that their sales quotes for copper cable scrap (Cu＞99.5%) were higher than the scrap yard's sales prices. Few scrap yards could accept such prices unless they had short positions and needed to purchase such high-priced secondary copper raw material.