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China has increased its purchase of scrap copper as smelters look alternative raw materials to offset tight supplies of mined ore. The world’s largest refined copper producer took in nearly 1 million tonnes (MT) of scrap in 2024’s first five months, putting imports on pace for the strongest year since 2018.
Using more scrap is one way for smelters to churn out record volumes of the metal even amid an unprecedented pinch in the ore market. Across markets, waste metal that’s recouped from the likes of factory waste, demolished buildings and unwanted cars is an important alternative to supply from mines. Scrap is highly price sensitive, typically entering the market as merchants cash in on high prices.
Copper futures reached a record above $11,000 a tonne last month. Still, there are already signs of moderating scrap demand. China’s imports for May eased 12% to 198,349 tonnes from April, which had the highest monthly total since 2018, according to customs figures.
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