RIM's "Indian Copper Scrap price forecast" is based on a study of the correlation between Copper prices and Copper Scrap prices. And, with the help of AI and linear regression research models, we have demonstrated that our Indian Copper Scrap price forecast is very accurate, with a difference of 0.5 to 2%.
Our effective Indian Copper Scrap price forecasting provides you with insights into Copper market fundamentals, allowing you to understand the data related to supply-demand sectors and project how each factor influences Copper Scrap prices.
Copper Scrap Price Forecast in INDIA for Nov 15, 2022
| Copper Scrap | Predicted Price |
| Hunny Yellow (Jamnagar) | ₹ 480.25 |
| Brass Hunny (Jamnagar) | ₹ 462.05 |
| Copper Utensil (Mumbai) | ₹ 617.28 |
| Copper Heavy (Mumbai) | ₹ 678.47 |
| Copper Wire (Delhi) | ₹ 635.22 |
Market Graph of MCX Copper Base Metal Price - INDIA (Past 6 Months)
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Major Factors Supporting Higher Copper Scrap Prices
Copper Scrap Prices Remain Stable Despite Aggressive Interest Rate Hike
Copper Scrap prices in India likely be stronger as central banks' hawkish interest rate hikes continue at a slower pace than expected, raising hopes for Scrap Metals demand in the coming days.
The increase in interest rates has little impact on the growing US economy, as evidenced by the unemployment and inflation rates. The country's official inflation rate fell to 7.7% in September, down from 8.2% in August and below the 7.9% increase predicted by economists. (From Trading Economics)
Furthermore, according to trading economics, the unemployment rate in the United States rose by 0.2 percentage point to 3.7 percent in October 2022, up from 3.5 percent in September and slightly higher than market expectations of 3.6 percent.
The official inflation and unemployment rates clearly demonstrate that the US economy is stable, raising hopes for scrap metals demand.
China Takes Steps To Stabilize Pandemic-Affected Economy
Looking at China, the world's largest consumer of scrap metals and industrial metals, the country is currently experiencing a large number of new covid curbs in industrial hubs and has no plans to relax a zero-covid policy.
As a result, investors predicted that long-term Chinese demand would be weak. But, unfortunately, the country's official statement to boost the economy from the pandemic-hit, added hopes for scrap metals demand in the coming days, which will eventually boost Copper Scrap pricing.
According to the National Business Daily, the Chinese province of Henan approved 26.2 billion yuan ($3.65 billion) in financing for troubled real estate projects and to ensure timely deliveries of pre-sold homes. Furthermore, the Politburo Standing Committee meeting, according to ANZ Research, suggested that Beijing would take more targeted measures to avoid economic damage.
Will China's New Scrap Metal Import Standards Boost Demand?
Meanwhile, officials in China announced (the top ten copper producers) that they are attempting to persuade the Chinese government to relax Copper Scrap import standards in order to improve their secondary production ratio; if this policy is implemented, higher Copper Scrap imports may occur in the coming days.
According to a joint statement released by the ten copper producers, they pledged at the meeting to make recycled copper 25% of their total production by 2025. (Source – Fast Markets) According to official data, China produced 10.5 million tonnes of refined copper last year, including both primary and secondary production. Secondary copper output was 2.257 million tonnes, or roughly one-fifth of total output.
According to statistics, in 2021, China imported 1.69 million tonnes of copper and copper alloy scrap, up significantly from 944,000 tonnes in 2020. According to customs data, China's Copper Scrap import volume was 167,000 MT in September, up 7.99% MOM and a new high since April 2022. From January to September, imports totaled 1.36 million MT, an increase of 9.97% year on year.
Despite the fact that China's copper scrap imports are skyrocketing, the primary goal of copper producers is to build better copper-recycling closed-loop systems and to negotiate with the government on changes to import limits for "copper raw material." The decision by the Copper Scrap producers will eventually increase the importance of recycling Copper Scrap to produce pure Copper products.
If the Chinese government relaxes scrap metal import regulations, we can expect massive demand from the world's largest consumer, China, which could lead to higher Copper Scrap prices. Techncally, the Copper Scrap market improved and gained in the fourth quarter, and this bullish trend is expected to continue into 2022.
Copper Scrap prices in Delhi reached a historic high of Rs.796/KG in March and a month low of Rs.668/KG (January) in the first quarter. Copper Scrap prices reached a high of Rs.758/KG in April and a low of Rs.644/KG in the second quarter (June). Copper Scrap prices reached a high of Rs.646/kg in July and a low of Rs.564/KG in the third quarter (July).
Copper Scrap prices in India today are trading at,
Copper Cable Scrap Prices (Mumbai): Rs.680/KG
Copper Heavy Scrap Prices (Mumbai): Rs.670/KG
Copper Wire Scrap Prices (Delhi): Rs.630/KG
Copper Utensil Scrap Prices (Mumbai): Rs.605/KG
Hunny Yellow Scrap Prices (Jamnagar): Rs.470/KG
Brass Hunny Scrap Prices (Jamnagar): Rs.455/KG
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