Japanese copper scrap dealers expect scrap generation will increase in August when scrap dealers with high priced inventory would release the stock under increasing scrap market price. Scrap providers could liquidate the inventory before and after mid-August holiday when they could reduce or clear inventory valuation loss. Such dealers’ expectation depends on copper scrap market.
Many dealers hold the inventory when their inventory valuation loss increased under decreasing copper scrap price since early May. Major scrap dealers with supply commitment for rolled copper makers cannot secure enough scrap and the dealers reduce the inventory to meet the commitment. With recent increasing copper market, the dealers expect dealers with high priced inventory could liquidate the inventory. Japanese official copper ingot price increased to 660,000 yen per tonne on Tuesday, which was the highest level since 670,000 yen in early July. London Metal Exchange’s copper ingot price recovered US$ 7,000 per tonne at settlement on Tuesday, which hit US$ 7,000 mark for the first time since May 13. Copper scrap market price increased to around 600 yen per kilogram for No.1 copper wire scrap around Tokyo. A major scrap dealer in the area said with the higher market price, the dealer started to get more large lot offers with several tonnes. Other dealer expects scrap supply would increase more if Japanese official copper price would reach 700,000 yen per tonne level. Copper processors usually liquidate scrap inventory before mid-August holiday and the move increases the scrap supply. Higher price would encourage such liquidation.Japan Steel Scrap Composite Prices (Sangyo Press)
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