Japanese copper scrap export shows a sign to recover though the export recently kept much stagnant due to rapid drop of copper price. Chinese buyers are apparently increasing the procurement when Chinese government revised down the import tariff on copper scrap. Japanese dealers are actively shipping copper scrap to reduce excess inventory.
Copper scrap export to China slowed down in July, before the Beijing Olympic, and sharply declined in October when copper metal price plunged down. Chinese buyers stopped purchasing with concerns on expansion of inventory valuating loss. Copper scrap dealing became stagnant in Japan because 90% of Japanese copper scrap export is bound for China. However, several Japanese dealer sources say Chinese buyers currently restarted the procurement. The sources point out that Chinese buyers are selling cheap copper scrap despite of loss generation in November with an expectation that copper metal market is unlikely to rebound soon. Chinese buyers’ inventory decreased and they restarted the import from Japan. Another background is that Chinese government revised the tax basis in November. Chinese import tariff on copper scrap totals 19% including base amount set for each scrap grade, VAT (value added tax) and custom duty. In the case of mix metal scrap which contains copper, aluminium and other nonferrous metals, the previous tariff was calculated at approximately 75 yen per kilogram while it was revised down to around 25 yen per kg. Copper scrap import became easier for Chinese buyers. Meanwhile, Chinese dealers are negative to purchase low grade scrap when they are suffered from worse cash flow. Low grade scrap need additional processes before using.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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