Shipping lines reject scrap cargoes to China; sends Sep copper scrap discount to widest in 2020

The spread between copper scrap and refined copper is at its widest since December 2019 due to ample availability after shipping lines stopped handling scrap cargoes bound for China this month.

Fastmarkets assessed the copper scrap No2 copper (birch/cliff) imported into China 94-96%, LME/Comex discount, cif China at 34-40 cents per lb on Monday September 28, compared with 32-36 cents per lb a month earlier.
During the month, a few parcels were reported being sold at close to 87-88% of the London Metal Exchange price and a discount of mid-30 cents per lb to the Comex price for US-origin products.

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