Supply issues tighten copper scrap discounts

Jun 26, 2014 | 05:46 PM | Saranya Kapur

Tags  copper scrap, copper scrap discounts, copper scrap prices, No. 1 copper, No. 2 copper, bare bright, Saranya Kapur

NEW YORK — Tight supply conditions dominated the copper scrap market this week, and despite an uptick in terminal markets spreads on most grades of copper scrap tightened.

Scrap dealers reportedly pushed for higher prices due to increased inventory costs borne from purchases of material when Comex prices were higher.

Mill grades were especially in short supply, market players said. The scarcity of material pushed bare bright prices to a premium over the Comex price as mills bought aggressively ahead of their annual summer maintenance shutdowns next week.

"We’re being quoted prices at 2 to 3 cents above Comex, but we’re not paying more than a cent above Comex," one copper and brass mill source said. "It’s becoming harder and harder to get material at level Comex."....

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