By Jason Bourne of US Scrap
Corner
BEIJING (US Scrap Corner): China copper scrap from around Asia advanced during July of this year while its imports from Western nations down. China which accounts for 40% of global copper demand.
As per July Chinese Customs Data, nations total copper scrap imports recorded a sharp rise of around 37% during July to 360,000 tons.
Chinese local News agency SMM reported that, Chinese traders that have been selling down scrap inventories on hand in H1 started replenishing stocks in July, boosting the scrap imports during the month.
However, most importers favored cheaper materials from Southeast Asia, albeit of relatively low quality, because scrap yards in the US and Europe held quotations up.
BEIJING (US Scrap Corner): China copper scrap from around Asia advanced during July of this year while its imports from Western nations down. China which accounts for 40% of global copper demand.
As per July Chinese Customs Data, nations total copper scrap imports recorded a sharp rise of around 37% during July to 360,000 tons.
Chinese local News agency SMM reported that, Chinese traders that have been selling down scrap inventories on hand in H1 started replenishing stocks in July, boosting the scrap imports during the month.
However, most importers favored cheaper materials from Southeast Asia, albeit of relatively low quality, because scrap yards in the US and Europe held quotations up.
The world’s leading copper buying
nation China imported 2.12 million tons of secondary copper during
January to July of 2014, which represent a drop of 12% from a year
earlier.
IN ADDITION
Copper prices are mounting a comeback as investors grow more confident about the global economy. Copper enjoyed a nice little bump last week rising, 3.3%, but prices are still down 7% for the year amid fears of a slowdown in China, the world's largest consumer of the red metal.
IN ADDITION
Copper prices are mounting a comeback as investors grow more confident about the global economy. Copper enjoyed a nice little bump last week rising, 3.3%, but prices are still down 7% for the year amid fears of a slowdown in China, the world's largest consumer of the red metal.
