November 20, 2019 / 10:35 AM / 17 days ago

ASIA COPPER WEEK-China metals group in talks with Shanghai exchange on scrap futures - official

SHANGHAI, Nov 20 (Reuters) - The head of China’s scrap metal body said on Wednesday his organisation is working with the Shanghai Futures Exchange (ShFE) to have scrap copper listed as a tradable product.

Wang Jiwei, secretary general of the recycling branch of the China Nonferrous Metal Industry Association (CMRA), told reporters that he is in discussion with ShFE, China’s main exchange for base metals, to list copper scrap but he was unsure when the discussion will finish.

A ShFE spokesman did not immediately respond to a request for comment.

China, which further tightened restrictions on scrap metal imports in July, imported 150,000 tonnes of copper scrap in September 2019, down 21% from a year earlier, but still the highest since June, customs data showed.

The October import figure is due to be released this Saturday.

The CMRA said earlier this month that it expected the Chinese government to reclassify high-grade copper and aluminium scrap from a waste to a raw material by the second quarter of next year, although it remains unclear what percentage of metal content will allow it to qualify as raw material.

“What we have been told is that the Chinese government really wants to implement, maybe from Jan. 1 next year, the new policy for raw materials,” Wang told the copper conference, adding that he hoped the new policy will be published by the end of this year. (Reporting by Tom Daly and Emily Chow; editing by James Drummond)

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