Aurubis Foresees Notable Revival in Copper Demand

SEATTLE (Scrap Monster): The leading German copper producer Aurubis AG, in its most recent interim investor report, noted that copper scrap supplies had tightened during second quarter this year, due to Covid-19-related slowdown. However, supplies remained secured during the period from April to June.

According to the company, the weak economic activity due to Covid-19 pandemic coupled with fall in copper price resulted in reduced supply of recycling materials, especially in Europe and the U.S. The supply reported marked improvement towards the end of Q2 this year, aided by easing of pandemic-related restrictions and recent rally in copper prices. This led to stability in refining charges, the company said.

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The results for the initial nine-month period (1^st October, 2019 to 30^th June, 2020) of the current fiscal year indicate 2% jump in revenues, in comparison with the comparable period during the previous fiscal. Meantime, the consolidated net income surged higher by 8% over the previous year.

Aurubis expects notable recovery in demand for copper rod over the next few months. However, sales volume is likely to remain significantly lower, compared with the prior fiscal year.

Roland Harings, Executive Board Chairman, Aurubis noted that the robust nature of business model has helped the company to deliver strong results, even in the midst of pandemic crisis.