China's unwanted copper scrap diverted to Asia, Europe at high discount

No2 copper scrap cargoes have been sold to Asia and Europe at large discounts recently over concerns of the cargoes not meeting new Chinese customs criteria for recyclable material, industry sources told Fastmarkets.

Theoretically, the birch/cliff cargoes, containing copper content of 94-96%, could qualify for import to China as No2 copper material, RCu-2B under the new policy which took effect last November. 
In practice, many birch/cliff cargoes were labelled 'scrap' and rejected by local customs due to surface coatings and impurities, which have been banned from crossing the border into China since November.

Some cargoes were recently sold to copper smelters in...

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