Joint efforts by Chinese copper smelters target exports of 150,000 T per month

BEIJING (Scrap Monster):  In order to combat low domestic prices, six large copper smelters in China have agreed on a plan to boost exports from the country in the coming months. The joint effort by the smelters aim at raising the export to 150,000 T per month, which is 3 times the current export of 50,000 T.

According to reports, the demand for copper has been witnessing continuous slow down in the country during the past several months. The contracted exports by smelters have fallen sharply. It is under these circumstances that the copper smelters including Jiangxi Copper Company Limited, Tongling Nonferrous Metals and Jinchuan Group have agreed to join hands to seek better export volumes.

Earlier in May 2012, the smelters had joined hands to boost exports of refined copper. A total of nearly 102,375 tonnes of refined copper were exported during that period. The joint effort by the copper smelters had resulted in a huge increase in export volumes and significant rise in prices.

According to senior executives of the coalition, it plans to export 100,000 tonnes of spot metal and the remaining 50,000 tonnes of term shipments. Also, the exports will continue until domestic market show some signs of recovery.