Chinese copper scrap discount falls on metal price drop; cargo deliveries resume

The discount for copper scrap imported into China has fallen in February on a lower commodity price and a negative arbitrage, with the impact of virus-led delivery delays on the overseas scrap price being minimal in the Chinese market.

Fastmarkets assessed the monthly discount of No 2 94-96% copper scrap, birch or cliff, at 31-34 cents per lb cif China on February 24, down from 33-37 cents per lb in January.
Small tonnages were reported sold at roughly 88% of the London Metal Exchange copper price and 34 cents per lb for US-origin scrap on a tariff-free basis this month.
The discount is thinner due to a drop in the average copper price. The average LME three-month copper price for February 3-24 is $5,722.7 per tonne, down 5.6% from $6,060.9 per tonne for January.

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