U.S. Copper Scrap Exports Tumbled in 2023

SEATTLE (Scrap Monster): The latest data released by the U.S. International Trade Commission (ITC) suggests that U.S. copper scrap export volumes plunged by over 5% during the previous year, in comparison with 2022. The copper scrap supply and demand levels remained lower, but balanced throughout the year.

The comparatively lower demand in China accounted for the poor export numbers during the initial six-month period of 2023. However, exports to China surged higher by 12.32% from 321,348 tons in 2022 to 360,938 tons during the entire year 2023. The U.S. copper scrap exports to China have been steadily rising since 2019.

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The U.S. copper scrap exports to Malaysia in 2023, at 79,266 tons, were up significantly by 8.56%, when compared with 2022.

On the other hand, the export tonnages to several other countries registered notable decline. For instance, the exports to South Korea and Japan were down by 26.08% and 23.07% respectively. Also, India and Canada recorded declines in import volumes of copper scrap from the U.S. by 14.21% and 11.40% respectively, US ITC data said.

Joe Pickard, chief economist and director of commodities at the Institute of Scrap Recycling Industries (ISRI) noted that it expects slow to moderate growth in global demand for copper scrap in 2024 and 2025.