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To better meet the needs of its clients and to stay in tune with the market, SMM will be introducing CIF (Cost, Insurance, and Freight to China) pricing for copper scraps. This includes but isn't limited to imported #1 copper, #2 copper, #1 copper granule, and #2 copper granule. These prices will be officially available on the SMM website (smm.cn) from September 1, 2023.
Operating rates of copper rod producers with secondary copper stood at 59.53% in July, down 7.59 percentage points month on month 9.88 percentage points year on year.
Suppliers of secondary copper held onto their cargoes early last week when copper prices surged, tightening supply noticeably. Traded prices of #1 bare bright copper rose sharply, resulting in a sharp decline in the price spread between copper cathode and copper scrap.
China imported 172,000 mt of secondary copper (including brass) raw materials in March, up 113.98 percentage points on the month and 90.57% on the year. CNY holidays accounted for the big increase in imports. Cargoes were scheduled to arrive in March due to CNY holidays when importers stopped operations and amid concerns over enhanced controls against COVID-19 during CNY.