Copper scrap tags sink as China stays out of market
Nov 04, 2009 | 07:48 AM
| Anne Riley
As November takes hold, Chinese buyers continue to sit out of the U.S. copper scrap market, giving domestic consumers the opportunity to get their hands on material at refreshingly lower prices.
"Every once in a while you hear somebody in China has offered a very good price on a small lot of material, but in general the Chinese are not back in the marketplace in force, at least not for our material," one domestic brass and bronze ingot maker told AMM.
Despite customs data showing an increase in Chinese imports in September, domestic market sources said that Chinese copper scrap buyers have sat on the sidelines since the start of September, when they appeared to exit the market in anticipation of a national holiday in October. And while many had speculated that the Asian nation would re-emerge as a major player after the week-long holiday, most Chinese consumers are still out of the game, U.S. scrap buyers said.....
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