[SMM Analysis: Price Difference Between Primary Metal and Scrap Widens, Traders Actively Pick Up Goods] According to SMM survey data, the operating rate of secondary copper rod this week was 30.88%, down 2.52 percentage points WoW and 18.45 percentage points YoY. Meanwhile, the average price difference of primary and secondary copper rod this week was 1,403 yuan/mt, up 345 yuan/mt WoW. Additionally, the average discount of secondary copper rod in Jiangxi against copper futures was 853 yuan/mt, expanding by 195 yuan/mt WoW...

[SMM Analysis: Insufficient Workforce Arrival Leads to Slow Post-Holiday Recovery in Secondary Copper Rod Enterprises' Operating Rate] According to customs data, the total copper scrap imports in 2024 reached 2,249,952 mt, an increase of 13.26% YoY compared to 1,986,559 mt in 2023.

[SMM Analysis: Secondary Copper Rod Enterprises Set to Resume Production, Operating Rates Expected to Rise Significantly] According to SMM survey data, the operating rate of secondary copper rod enterprises this week was 3.31%, up 3.31 percentage points WoW but down 1.06 percentage points YoY. This week, the average price spread of refined and secondary copper rods was 1,064 yuan/mt, down 155 yuan/mt WoW. Additionally, the average discount of secondary copper rods in Jiangxi reached 680 yuan/mt, expanding by 124 yuan/mt WoW...

[SMM Analysis: Copper Prices Rise, Traders Show Increasing Willingness to Pick Up Goods] According to SMM survey data, the operating rate of secondary copper rod reached 24.92% this week, up 3.18 percentage points WoW but down 12.82 percentage points YoY. The average price spread of secondary copper rod and copper scrap rod was 1,038 yuan/mt this week, down 309 yuan/mt from 729 yuan/mt last week. Meanwhile, the average discount of secondary copper rod in Jiangxi against copper futures was 530 yuan/mt, up 350 yuan/mt WoW...

This week, the SMM survey covered the production and sales of major medium and large domestic copper rod makers.

According to SMM, after the cancellation of local tax rebates and incentive subsidies in accordance with the detailed rules of the Regulation on the Examination of Fair Competition in Guangdong, the actual VAT rate for enterprises utilizing waste materials is about 10.2%. In July and August, some copper scrap rod factories purchased copper scrap raw materials based on this tax rate, but due to excessively low offers, there were almost no transactions in the market. Since September, SMM has revised its quotations for bright copper in Guangdong, adjusting the tax rate from 9% to 5.8%.