November 21, 2019 / 7:21 AM / 20 days ago

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

(Adds ShFE’s response, details; paragraph 3)

By Tom Daly and Emily Chow

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

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

“SHFE and relevant industry association are studying the feasibility of listing renewable metal futures,” an ShFE spokesman said in an emailed response to Reuters.

“Whether, and when, to launch will depend on the research process and results.”

China, which further tightened curbs 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.

This month, the CMRA said it expected China to reclassify high-grade copper and aluminium scrap as raw material, rather than waste, by the second quarter of next year, but it remains unclear what the threshold for metal content would be.

“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 would be published by the end of this year. (Reporting by Tom Daly and Emily Chow; Editing by James Drummond and Clarence Fernandez)

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