Chinese importers have been competing for the best-quality copper scrap, citing concerns over future rises in the procurement cost of raw materials while the price rally continues, Fastmarkets has learnt.
Suppliers of top-grade copper scrap in the Asia-Pacific region were selling candy and berry at thin discounts to the price of refined copper, as traded on the London Metal Exchange over the past month."Today we sold some candy/berry to the Chinese at 96% [of the LME copper price], which is not very sensible - it is basically at or above intrinsic value," an Australian supplier said. "Chinese consumers believe that...