US Copper Scrap Exports Continue to Climb in June, Despite Mixed Performance Across Categories

U.S. copper scrap exports sustained their upward momentum in June, marking an 8 percent increase compared to the same period last year. This growth, driven by heightened shipments of bare bright and #2 copper, managed to offset a decline in #1 copper exports.

In total, copper scrap exports for June reached 22,573 metric tonnes, up from 20,850 metric tonnes in June 2023. This marks the eighth consecutive month of year-over-year growth in the sector. Over the first half of 2024, U.S. copper scrap exports totaled 156,756 metric tonnes, reflecting a 22 percent increase compared to the first half of the previous year.

The volume of bare bright scrap exports, although rising 3 percent from the previous year to 5,637 metric tonnes, represented the lowest monthly total in the past year due to a significant 13 percent drop in shipments to China. In contrast, exports of #1 copper scrap fell sharply by 17 percent to 7,033 metric tonnes, with four Asian countries reducing their import volumes.

Meanwhile, #2 copper scrap exports saw a robust 44 percent surge to 9,903 metric tonnes, largely driven by increased demand from China and Malaysia.

On the pricing front, Comex copper for June averaged $4.50 per pound, an increase of 70 cents per pound from June 2023. However, this was the lowest monthly average since April, as the U.S. dollar gained strength during the month. As a result, consumers faced an average year-over-year cost increase of 69 cents per pound.

Despite the higher prices, market activity was slower than in May, with sellers indicating that while buyers could be found, the terms were increasingly favorable to the buyers. Hopes that China would introduce stimulus measures in July to bolster its property market and boost demand for copper ultimately proved unfounded, as the country refrained from injecting funds into its struggling economy.