China places additional 5pc tariff on US copper scrap
China will implement an additional 5pc tariff on imports of US copper scrap, increasing the total tariff to 30pc, effective 15 December.
The new China tariffs are a part of $75bn total worth of new tariffs on US goods Beijing announced today in retaliation to planned US tariffs on $300bn worth of Chinese goods that are to go into effect in September and December. China's tariffs on US copper scrap were initially implemented at 25pc in August 2018.
US copper scrap shipments to China have dropped sharply year over year amid the higher tariffs and stricter scrap quality standards in China. For the first half of 2019, Chinese imports of US copper scrap totaled 52,405t, down from 259,667t in first half of 2018, according Chinese customs data
US copper scrap exporters have been forced to look for new markets to maintain volumes. Total scrap exports for the first half of 2019 totaled 450,186t, down only 2pc from the same time in 2018, with Malaysia and other Asian countries mostly offsetting lower shipments to China, according to the US Department of Commerce.
The Argus assessment for #2 copper scrap has fallen from $2.25/lb cif Asian port a year ago to $2.11/lb today, representing a loss of $5,900 per 20ft container.
source: Argus Media
Related News
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Aluminum price falls to one-month low in wider commodity slump
Skeena advances Eskay Creek permitting, unlocks Orion funding
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
