Chinese Metal Industry Association Consults ShFE on Scrap Copper Listing

SEATTLE (Scrap Monster): The China Nonferrous Metal Industry Association (CMRA) announced that it is in talks with the Shanghai Futures Exchange (ShFE) to get scrap copper listed on the exchange.

The announcement to this effect was made by Wang Jiwei, secretary general of the recycling branch of the CMRA. According to him, efforts to list scrap copper as a tradable product on China’s primary base metal exchange, are in progress. However, he decline to comment on specific details with regards to the discussion. Also, ShFE spokesperson decline d to respond to a request for comment.

The CMRA had earlier stated that the Chinese government is likely to reclassify high purity scrap metal, in order to promote its domestic scrap recycling market. Accordingly high-grade copper scrap will be reclassified from waste to raw material, probably during the second quarter of 2020. CMRA expects the Chinese government to publish the new policy for raw materials before the end of the current year.

The country’s scrap imports have witnessed significant decline since imposition of strict restriction on scrap metal imports by the Chinese administration in July this year. The imports had totalled around 150,000 tonnes in September this year, down significantly by approximately 21% from the previous year.

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