To better serve industry clients and more closely align with the market, SMM plans to add 4 copper scrap price points, which will be officially launched on 17 Set, 2026.
Shanghai Metals Market (SMM) Copper Scrap Price Assessment Methodology
- New Price Points
Jiangxi copper scrap
• Bare bright copper (Yingtan, Jiangxi)
• Copper cable scrap (Cu＞99.5%) (Yingtan, Jiangxi)
Sichuan copper scrap
• Bare bright copper (Sichuan)
• Copper cable scrap (Cu＞99.5%) (Sichuan)
- General principles of SMM price assessment methodology
Shanghai Metals Market (hereinafter referred to as SMM) is a fully independent third-party service organization that does not participate in any actual transactions. Instead, it maintains close communication with buyers and sellers in the market as an observer or organizer and provides relevant services to the market. This document sets out the standards for SMM's copper scrap price quotations in East Asia and the US. The purpose of establishing these standards is to create a transparent and verifiable SMM price-setting mechanism.
- Formation of SMM copper scrap quotations in Jiangxi and Sichuan
3.1 Significance of the quotations
In recent years, as the core of the copper resource circular economy, the recycling value of copper scrap has risen significantly under the impetus of the "dual carbon" goals and environmental protection policies, making it an important supplement to copper resource supply. With 2026 being the implementation year for "reverse invoicing," both copper scrap traders and copper scrap consuming enterprises are gradually adapting to and using "reverse invoicing" as the primary procurement method for copper scrap. At present, scrap utilization enterprises in Jiangxi are progressively adopting the "reverse invoicing" approach for procurement, while mainstream quotations in Sichuan remain predominantly tax-exclusive prices. Due to regional differences in circulation volumes, dedicated quotations help enterprises more accurately assess local raw material cost differentials and avoid additional logistics or quality risks arising from reliance on out-of-region quotations. At the same time, an open and transparent price system can reduce information asymmetry and lower transaction negotiation costs, helping recyclers, traders, and processing enterprises optimize procurement strategies and inventory management, thereby enhancing overall industry chain efficiency. Therefore, SMM plans to add four new price points: bare bright copper (Yingtan, Jiangxi), copper cable scrap (Cu＞99.5%) (Yingtan, Jiangxi), bare bright copper (Sichuan), and copper cable scrap (Cu＞99.5%) (Sichuan), with the aim of reflecting the actual conditions of the copper scrap markets in Yingtan, Jiangxi and Sichuan and providing accurate reference information for the industry. In accordance with the methodology, quotations for bare bright copper (Yingtan, Jiangxi), copper cable scrap (Cu＞99.5%) (Yingtan, Jiangxi), bare bright copper (Sichuan), and copper cable scrap (Cu＞99.5%) (Sichuan) have now been collected and are being publicly released to the market for reference by upstream and downstream enterprises. SMM price subscribers will be able to access historical prices simultaneously.
3.2 SMM price assessment methodology for copper scrap in Jiangxi and Sichuan
3.2.1 Product specifications and standards
The current national reference standard for copper scrap is GB/T 38471-2023. If it is replaced, SMM will revise this methodology in a timely manner based on actual conditions. The newly added assessments are spot absolute prices for bare bright copper (Yingtan, Jiangxi), copper cable scrap (Cu＞99.5%) (Yingtan, Jiangxi), bare bright copper (Sichuan), and copper cable scrap (Cu＞99.5%) (Sichuan).
3.2.2 Price terms
Prices are EXW guidance prices quoted in yuan/mt. Copper scrap prices in Yingtan, Jiangxi include costs related to reverse invoicing, i.e., including 1% VAT and 0.5% individual income tax. Copper scrap prices in Sichuan are tax-exclusive.
3.2.3 Payment terms
The prices reflect cash transactions settled on the trading day.
3.2.4 Price format and release time
Prices are quoted as a range, with the lowest and highest prices. For example, the tax-inclusive price range for bare bright copper (Yingtan, Jiangxi) is 93,200-93,400 yuan/mt, with an average price of 93,300 yuan/mt. Prices are published daily. SMM releases prices on its website at 11:00 a.m. every day.
3.2.5 Price collection methodology
Based on price collection confirmation agreements, SMM price analysts regularly collect price information from price collection contacts in the copper scrap industry in the Japan region via phone, WeChat, email, and other means. The price information includes transaction prices and the enterprise's expectations for the most likely pending transaction prices. All instant messaging content and any records of face-to-face communications will be archived; details of phone communications will be recorded and entered into the database. SMM analysts must comply with the Compliance Policy when reporting to their supervisors any coerced or threatened communications from market participants, or any inducements intended to influence the assessment. Once prices are published, SMM will not revise or adjust them on the same day.
3.2.6 Data standardization
Although SMM has standardized the definition of our prices, trading in the market is diverse. The price of each transaction is affected by many factors, including order size, cargo brand, delivery time, and payment terms. SMM will comprehensively consider quotes, bids, and transaction information in the market and align them with our standards. Welcome more enterprises along the industry chain to participate and support SMM in better serving enterprises related to the secondary copper industry chain.
For any questions, please contact us by phone.
SMM Copper Research Team: Allan Leung
Contact: +86-18126640729