Anglo American Reports 15% Decline in Copper Production in Q1

Despite rebounding copper prices, Asian spot scrap supply remains tight, with pricing coefficients unexpectedly firm (Bare Bright holding around 98.5%). Concurrently, Western spot offers are shrinking. As the Aurubis Richmond smelter absorbs ~180,000 tonnes annually and US domestic cable shredding capacity rapidly expands, both the volume and quality of US scrap exports to Asia are declining. This structural shift is slashing transoceanic trade, accelerating the era of "regional circulation" for recycled copper. Currently, the squeeze primarily hits intermediate traders with sluggish volumes, while downstream end-consumers report limited immediate impact.