To better serve industry clients and more closely align with the market, SMM plans to add 6 copper scrap price assessments for the US region, which will be officially launched on April 24, 2026. Shanghai Metals Market (SMM) Copper Scrap Price Assessment Methodology
1 New Price Points
Copper Scrap - US
- US Millberry CIF India (Weekly) US
- No.1 Copper Material CIF India (Weekly) US
- No.2 Copper Material CIF India (Weekly)
- US Millberry CIF Taiwan, China (Weekly)
- US No.1 Copper Material CIF Taiwan, China (Weekly)
- US No.2 Copper Material CIF Taiwan, China (Weekly)
2 SMM Price Assessment Methodology General Provisions
Shanghai Metals Market (hereinafter referred to as SMM) is a fully independent third-party service provider that does not participate in any actual transactions. Instead, it maintains close communication with buyers or sellers of transactions in the capacity of a market observer or organizer, and provides relevant services to the market. This document specifies the standards for formulating SMM copper scrap price assessments for the US region. The purpose of establishing these standards is to create a transparent and verifiable SMM price determination mechanism.
3 Formation of SMM Copper Scrap Price Assessments for the US Region
3.1 Significance of the Price Assessments Influenced by multiple factors such as quality composition at the origin, trade flow directions, and regional demand differences, actual transaction prices for different export destinations show significant divergence. Currently, the relevant markets in India and Taiwan, China still lack dedicated and transparent price benchmarks. To accurately reflect the true price levels of copper scrap in cross-regional circulation across Asia and to fill the price gaps in India and Taiwan, China, SMM plans to add weekly price assessments for US Millberry CIF India, US No.1 Copper Material CIF India, US No.2 Copper Material CIF India, US Millberry CIF Taiwan, China, US No.1 Copper Material CIF Taiwan, China, and US No.2 Copper Material CIF Taiwan, China. This initiative can effectively reduce information asymmetry across the industry chain, provide authoritative pricing references for upstream and downstream enterprises, help enterprises accurately calculate costs and optimize trading strategies, enhance the transparency and efficiency of global copper scrap trade, and support the coordinated development of the copper scrap industry chain in Asia. SMM will collect prices and publish them openly in accordance with a unified methodology for reference by the entire industry. SMM price subscribers can simultaneously access relevant historical prices.
3.2 SMM Copper Scrap Price Assessment Methodology
3.2.1 Price Point Definitions Currently, the reference standard for copper scrap is the standard defined by ISRI. In the event of any change, SMM will revise accordingly based on actual circumstances. The newly added price points include Millberry (Cu>99%), No.1 Copper Material (Cu≈99%), and No.2 Copper Material (Cu 94%-96%). The price points are defined as CIF to ports in Taiwan, China and India, based on LME * coefficient, with a quotation period (QP) of M+1 (M being the month of arrival at port). The delivery regions are Taiwan, China and India, with a delivery time within 2 months and a minimum trading volume requirement of 25 mt in physical content.
3.2.2 Price Terms Prices are CIF guidance prices, expressed in coefficients (%).
3.2.3 Payment Methods The prices reflect transactions with payment terms including TT or other conventional payment methods.
3.2.4 Price Format and Publication Time Prices are published in a range format, with a lowest price and a highest price respectively. For example: US Millberry CIF Taiwan, China: 97.5%-98%. The newly added price points are assessed on a weekly basis. At 3:30 PM on the last trading day of each business week, SMM will publish the prices on its website.
3.2.5 Price Collection Methods In accordance with the price collection confirmation agreement, SMM price analysts will regularly collect price information from price collection contacts in the secondary copper industry via telephone, WeChat, email, and other means. The price information includes completed transaction prices, the enterprise's most likely expected pending transaction prices, etc. All instant messaging content and other communication records, as well as records of any face-to-face communications, will be archived; details of telephone communications will be recorded and entered into the database. SMM analysts shall comply with the Compliance Policy when reporting to their supervisors any communications from market participants that involve coercion or threats, or any solicited bids that attempt to influence the assessment. Once the price is published, SMM will not make any corrections or adjustments on the same day.
3.2.6 Data Standardization Although SMM has standardized definitions for our prices, transactions in the market are diverse. The price of each transaction is influenced by numerous factors, including order size, product brand, delivery time, payment terms, etc. SMM will comprehensively consider quotations, bids, and transaction information in the market and align them with our standards.
Enterprises across the industry chain are welcome to participate in and support SMM in better serving enterprises along the secondary copper industry chain.
For any inquiries, please contact us by phone. SMM Copper Research Team: Ouyang Yichang, Huang Yutong
Contact: +6011-35798397, +86-021-20707843