Base metals prices on the Shanghai Futures Exchange were broadly lower during morning trading on Friday August 10 amid a stronger dollar and ongoing trade tensions between China and the United States. Copper and brass scrap markets in the United States are in a state of flux, with market participants rapidly working to digest how China’s 25% blanket tariff on imports of recycled copper from the US will affect domestic pricing.
China’s threat to impose import taxes on US copper concentrates looms over the market for mined copper, leaving consumers and traders scrambling to swap cargoes scheduled for Chinese ports, sources directly involved in the trade told Metal Bulletin.
The electrification of vehicles and the need to store electricity generated by renewable energy sources – mainly solar and wind – point to huge demand for lithium-ion batteries.
Prices for US domestic and imported wire rod remained steady despite softening prices for scrap, with sources expecting little change in the near term.