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Many China copper traders halt US scrap imports on tariff fears

by Yurie Miyazawa
in Leadership
Many China copper traders halt US scrap imports on tariff fears
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MANY Chinese metal importers have stopped buying US copper scrap in anticipation of tariffs being imposed when Donald Trump assumes the presidency, according to Beijing Antaike Information Development.

The purchases were halted starting in mid-November because those cargoes are likely to arrive around the time Trump takes office on Jan 20, the state-owned researcher said in a note, citing its survey of traders.

The president-elect has threatened to impose 60 per cent tariffs on all Chinese imports, which would likely spur retaliatory action from Beijing. The world’s two biggest economies engaged in a tit-for-tat trade war during Trump’s first term, with China imposing duties of 25 per cent on copper scrap from the US.

Tensions ratcheted up this week as Washington slapped fresh curbs on China’s access to components for chips and artificial intelligence. Beijing responded by banning shipments of several materials with high-tech and military applications to the US.

Scrap metal was used as a feedstock for about 30 per cent of copper production last year, according to the China Nonferrous Metals Industry Association. About a fifth of its scrap copper imports to October came from the US, government data show.

The potential loss of imports from the US comes as China’s copper smelters are already dealing with a shortage of scrap metal due to the unintended impact of a change to local governments’ tax rebate policy.

Halting purchases from the US will tighten scrap supplies and boost demand for refined copper, potentially spurring volatility in prices and processing fees, Beijing Antaike said.

Copper rose 1.2 per cent to US$9,102 a tonne on the London Metal Exchange as of 3.07 pm local time following a report that China’s top leaders plan to start the annual closed-door Central Economic Work Conference next Wednesday (Dec 11). The metal has retreated by almost 20 per cent from a record high in May on a strengthening US dollar and slowing Chinese demand. BLOOMBERG

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Tags: ChinaCopperFearsHaltimportsscrapTariffTraders
Yurie Miyazawa

Yurie Miyazawa

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