Continuing COVID policy tightness is hampering many business sectors in China, including scrap recycling, while shrinking domestic supply is boosting import volumes. According to latest data, 1.36 million tonnes of copper scrap was imported during the first nine months of this year, including 167,000 tonnes in September, which is an increase of roughly 10% year on year.
China’s central bank is lowering the interest rate for housing loans so as better to support the real estate sector’s recovery from the impact of COVID and to further growth. This will increase overall base metal demand.
At the CMRA’s 22nd Annual Convention held in Changsha, Hunan province, on November 7-9, the association’s Deputy President and Secretary General Mr Wang delivered a report on “Upholding integrity, innovating and courageously moving forward to promote the high-quality development of the recycled material industry” in which he quoted a total of 16.5 million tons of non-ferrous metals as the output from the recycling industry.
The next CMRA Annual Convention is scheduled for Foshan, Guangzhou province, on November 7-9 2023.