NEW YORK U.S. nonferrous scrap exports fell in January amid weaker demand from China, whose intake of most nonferrous scrapnamely copper and aluminumdeclined compared with December.
China, the biggest consumer of U.S. aluminum and copper scrap, reduced its combined intake of the products by 11.2 percent to 159,858 tonnes from 179,922 tonnes in December. The tally was also down 9.3 percent year on year from 176,276 tonnes, according to the latest data from the U.S. Commerce Department.
Exporters said the decrease was likely caused by a recent currency devaluation in China, which analysts attribute to the countrys recent crackdown on currency trading.
Buyers in China are just not as eager for material right now, one exporter source told AMM. Between problems with the (Chinese) yuan and a drop in Chinese primary aluminum, they arent very hungry for imports at the moment.