Copper Scrap Market Price Keeps Flat with Potential Down, Tokyo

Copper scrap market price kept flat around Tokyo on Friday. JX Nippon Mining & Metals’ electrolytic copper ingot price, the domestic indicator for copper scrap market, is likely to stay unchanged at 630,000 yen per tonne since offshore electrolytic copper market prices dropped down on Thursday. Scrap trading volume is seriously decreasing among the dealers when copper price turned down. One scrap dealer in Tokyo said they cannot expect the increase of scrap sales offers unless the indicator rebounds.

No.1 copper wire scrap is traded at around 555-565 yen per kilogram. Scrap generation maintains very low in the market. The dealer source said they must pay more than 570 yen for a relatively large lot. Copper scrap with above 95% copper content, lower grade than no.1 and no.2 heavy, is traded at around 490-500 yen. However, several dealers suggested some traders are paying much higher prices to raise the procurement volume.

Exporters are purchasing non-shredded brass based mix scrap, with relatively less iron and stainless steel, at around 340-350 yen and thin electric wire scrap with insulator (containing copper at 43%) at around 195-205 yen. The export market is also weak when Chinese buyers are lowering their offer prices, according to a major scrap exporter.