Japan Cu Scrap Export Hits 3-Year High as February

Japanese copper scrap export increased by 73% to 26,281 tonnes in February from a year earlier, which increased for the first time in 13 months, according to Ministry of Finance. Chinese copper scrap importers increased the order with expectation for higher price after Chinese New Year holidays. The average export price hit 29 months high at 273 yen per kilogram in February.

The copper scrap export hit the largest volume as February since 33,593 tonnes in February 2008. The export to China in February 2011 was 24,563 tonnes or 93% of total export.

Copper price at London Metal Exchange hit historical high at more than US$ 10,000 per tonne on February 7. Chinese importers increased the import of Japanese copper scrap when copper scrap price was relatively-low in Japan, Japanese major scrap exporter source said. The export was increasing depending on price in and after February 10, when Chinese New Year holidays ended, according to the source. The average export price increased by about 20 yen to around 420 yen per kg for non-shredded brass based mix scrap from end of January.