As resource security and decarbonization become increasingly important, major economies are strengthening efforts to retain aluminum scrap. From the EU's review of export controls and the U.S. strategic asset proposal to Japan's circular economy initiatives and policies in the UAE and South Africa, these developments could reshape global scrap flows and affect secondary aluminum markets.

On April 9, 2026, the Japanese Cabinet officially approved the latest amendment to the Waste Disposal and Public Cleansing Act (commonly known as the "Waste Cleansing Act"). The core of the amendment is to upgrade metal recycling operations from a notification system to a permit system, and to impose a new obligation requiring confirmation from the Minister of the Environment for scrap metal exports.

The EU aluminum industry is urging the European Commission to impose a tax of approximately 30% on scrap metal exports to prevent large outflows of scrap from the EU, which could lead to raw material shortages for domestic producers. According to industry association "European Aluminium," the EU's aluminum scrap exports reached a record 1.26 million mt in 2024, about 50% higher than five years ago, with the majority flowing to Asia. Industry representatives stated that the situation has been further exacerbated by former US President Trump's imposition of a 50% tariff on aluminum imports but only a 15% tariff on scrap. This has stimulated US imports of scrap and reduced exports, prompting Asian buyers to turn more to the EU for supply.

SMM Morning Meeting Summary: On Friday evening, LME copper opened at $9,618/mt, touching a low of $9,610/mt shortly after the opening. It then fluctuated upward throughout the session, reaching a high of $9,694/mt near the close, and finally closed at $9,663/mt, down 0.2%. Trading volume reached 20,000 lots, and open interest reached 281,000 lots. On Friday evening, the most-traded SHFE copper 2508 contract opened at and touched a low of 78,040 yuan/mt, then rose to a high of 78,460 yuan/mt during the session. It dropped back slightly near the close and finally closed at 78,320 yuan/mt, down 0.27%. Trading volume reached 28,000 lots, and open interest reached 175,000 lots.

》Check SMM copper quotes, data, and market analysis 》Subscribe to view historical price trends of SMM metal spot cargo July 11, SMM At 11:30 today, the futures closing price was 78,660 yuan/mt, up 20 yuan/mt from the previous trading day. The average spot premiums/discounts were -25 yuan/mt, down 55 yuan/mt from the previous trading day. Today, the price of secondary copper raw material remained unchanged MoM. The price of bare bright copper in Guangdong was 73,000-73,200 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 869 yuan/mt, down 20 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 620 yuan/mt. According to the SMM survey, importers of secondary copper raw material indicated that European supplies are currently tight with high quotes, while US supplies have had to suspend purchases due to the 10% import tariff. Starting from July this year, Uzbekistan officially announced a 100% tariff on scrap metal exports (including copper scrap). Given the current global shortage of copper scrap supply, Chinese importers need to continue exploring overseas markets to meet domestic demand for secondary copper raw material.