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To: LoneClone who wrote (140526)	3/6/2020 3:07:12 PM
From: LoneClone	Read Replies (1) \| Respond to of 193231

Copper: Roskill talks scrap market trends at International Copper 2020 roskill.com Posted 6th March 2020 in ?Industry news, Events. In late February, copper industry participants joined in Amsterdam for this year’s International Copper conference, organised by Fastmarkets. Over a day and a half, delegates addressed recent developments in different parts of the copper value chain and discussed market outlook. Although there were a few late cancellations by delegates due to their companies imposing travel restrictions in view of the Coronavirus, many were still able to virtually participate by joining panel discussions or giving presentations remotely. Roskill’s Jonathan Barnes joined Uwe Schmidt (Chief Commercial Officer of secondary smelter and refiner Montanwerke Brixlegg) and moderator Christian Schirmeister (Senior Client Liaison officer of AMT) for a panel session on copper scrap. Jonathan is an Associate Consultant for Roskill on copper. The session began with a brief snapshot of industry trends in 2019 when the value of world scrap trade fell 8% to US$24Tn and the gross weight of imports dropped 9% from 6.2Mt to 5.6Mt. The underlying copper content of these imports, however, probably rose by between 2–3%. The greater availability of scrap last year, due to a reduction in Chinese imports caused by quality controls and quotas, resulted in an increase in direct scrap use at fabricators despite weak end use consumption. This was to the detriment of refined copper demand, where traded volumes fell 6%, thus underlying the importance of the strong linkage between scrap market conditions, the refined market balance, and copper price movements. Uwe Schmidt told delegates that the best way to understand the copper scrap market is to divide it between high-purity direct use copper and alloy scrap flows for fabricators, and lower-quality end of life scrap. This end of life scrap can then be further sub-divided between short- (consumer electronics), medium- (appliances and vehicles) and long-life (construction demolition and utility network equipment) material flows arising from the global stock of copper employed in end use markets. Christian Schirmeister likened the global flows of copper scrap to rainwater running down a hillside – the flows may be dammed for some time but, inevitably, they will reach the bottom. Despite the uncertain impact of the coronavirus, scrap markets are likely to remain well-supplied during the first half of 2020, keeping a lid on prices. In the second half of the year, however, with the expected normalisation of trade flows to China, scrap markets could become appreciably tighter in North America and Europe. Roskill released the first edition of its new report, Copper Demand to 2035, in August 2019. Click here to download the brochure and sample pages for the report, or to access further information. For more information To discuss the copper market with Roskill, please contact Jessica Roberts: Contact us