Commodities
Copper Scrap Market Struggles with Tight Supply Amid High Prices in July
The copper scrap market struggled with tight supply and high prices in July 2026. The operating rate of secondary copper rod was 12.43%, lower than expected, down 0.18 percentage points from June and 18.47 percentage points year-over-year.
Copper prices surged to above 106,000 yuan/mt, causing the price difference between primary metal and scrap to widen to over 4,000 yuan/mt at one point in July.
The 'three-in-one reverse invoicing' policy was implemented on July 1, further restricting regional supply. Invoicing quotas in Shuyang, Jiangsu remained restricted, while inspections became stricter in Hubei and other regions.