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Copper scrap as a raw material for the two links of smelting and processing, at the smelting end as a raw material substitute for copper concentrate, about 21% of China's electrolytic copper output is the use of scrap copper output, at the processing end as a substitute for electrolytic copper, 8-10% of copper raw materials from scrap, scrap copper supply tightness, will directly change the supply and demand structure
of electrolytic copper.
Since 2020, with the sharp recovery of domestic copper demand, the amount of domestic copper scrap imported has risen
sharply.
According to statistics, in 2021, China's copper scrap supply was about 3.
81 million metal tons, of which China produced about 2.
23 million metal tons, imported copper scrap 1.
32 million metal tons, and imported copper ingots about 260,000 metal tons
.
With the improvement of environmental protection requirements, the global copper scrap policy has shown a tightening trend
.
At the end of 2021, Malaysia and the European Union successively proposed new copper scrap policies, which may affect the global scrap metal circulation and directly or indirectly affect China's scrap copper imports
.
From January to April 2022, a total of 558,000 tons of copper scrap was imported, a cumulative increase of 5.
1% year-on-year, 74.
3% compared with December last year, and the import volume fell sharply; According to statistics, China's copper scrap production from January to May 2022 was 422,000 tons, a cumulative decrease of 17.
6% year-on-year, down 40.
1%
from December last year.
Overall, the domestic copper scrap gap is large, and domestic production and imports continue to decline sharply; Since July 2021, the production capacity of scrap copper rods has remained below 60% for a long time; Under the firm price of copper scrap, the global copper scrap inventory was released, and it is currently facing a low inventory pattern
.
In addition, the global copper scrap policy will be further tightened in 2022, and the supply and demand of scrap copper is expected to continue to be tight
.
