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According to SMM, from January to October 2024, the US exported a total of 789,400 mt of secondary copper raw material, up 9.3% YoY. Among these, China continued to be the top destination for US secondary copper raw material exports. In October 2024, the US exported 36,400 mt of secondary copper raw material to China, up 12.6% YoY but down 3.4% MoM. Additionally, Canada, as the second-largest export market for US secondary copper raw material, recorded a cumulative import volume of 86,900 mt from January to October. However, in recent years, the volume of US secondary copper raw material received by Canada has shown a gradual decline, which may be related to the improvement in Canada’s domestic secondary copper raw material processing capacity or changes in the international trade environment.
Data Source: Compiled by SMM
It is worth noting that, based on data from recent years, China has not only maintained its position as the largest recipient of US secondary copper raw material exports but has also seen a continuous increase in import volumes. Although the growth rate has slowed, it still reflects China's demand for secondary copper raw material resources and its emphasis on the circular economy. Entering mid-to-late November, some traders in regions such as Ningbo, Zhejiang, China, have suspended purchases of US secondary copper raw material due to policy expectations, indicating that US secondary copper raw material exports to China may face downward pressure in the near future.
Additionally, according to SMM, many smelters overseas have recently commenced operations, which not only enhance local processing capacity for secondary copper raw material but may also lead to a more localized trend in US secondary copper raw material exports. Based on a comprehensive analysis of US export data, the overall export volume of US secondary copper raw material is expected to show a downward trend in the near future.
Data Source: Compiled by SMM
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