China's Sept copper scrap imports increase sharply driven by domestic demand
Data Source: Mysteel
Imports of copper scrap increased significantly in September which was pulled by the consumption peak season. Many copper scrap processing enterprises had the motivation to reserve raw materials before the National Day holiday. Meanwhile, refined/scrap copper price spread continued to stay at a low level amid tight scrap supply in China. Some processing enterprises turned to purchase imported scrap copper in order to ensure timely delivery of orders, leading to an increase in the demand for imported copper scrap. The data on imported copper scrap profit value in September showed that there was considerable profit space for imported copper scrap in September, which stimulated the enthusiasm of traders to import.
Data Source: Mysteel
Outlook: October is also the traditional peak season of consumption. The profit value of imported copper scrap is still positive. According to the feedback from import traders, processing enterprises are willing to purchase imported copper scrap. Therefore, the market pattern is in demand exceeds supply. Copper scrap import volume for October is expected to remain strong.
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