SHANGHAI, Mar 3 (SMM) – According to SMM statistics, the domestic secondary copper and copper ingot smelting volume stood at 121,000 mt in February 2023, up 14,000 mt month-on-month.
The main reasons for the increase include ample copper scrap supply in the market as persistent high copper prices prompted traders to sell aggressively after CNY holidays. In addition, there was a large substitution of copper cathode by copper scrap amid uncertain end-user consumption.
The price spread between copper scrap and copper cathode remaining above 1,500 yuan/mt in February advantaged copper scrap.
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