China copper scrap buyers put off by price gap

Nov 03, 2010 | 12:33 PM |

Chinese copper scrap buyers, facing a widening gap between local spot and international market prices, are hesitant to book imports.

Their reluctance has persisted since the latter half of September, compounded by a rise in prices on the Shanghai Futures Exchange (SHFE), Comex and the London Metal Exchange as spot market copper scrap prices continue to lag.

"We simply make no profit at all if we buy electric motors at 50 cents (per pound) c.i.f. Ningbo," said one scrapyard owner who mainly dismantles electric and shredded motors in Ningbo, in China's eastern coastal Zhejiang province. "Plus, considering it takes more than two months if we buy from the East Coast of the U.S. or Europe, we really do not know if the high price will be sustained. Sometimes, we still keep on buying simply to keep our scrapyard running."....

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