Supply chain logistics have inflated prices.Copper imports were slightly down in 2021 (though still significant), and it’s expected that China’s demand for copper will continue to gradually decline. The country imported a record-high 6.68 million tons of copper in 2020, and its demand for copper has helped drive prices up. China has a huge appetite for imported copper scrap.So if copper has always been important and valuable, why has the price of copper skyrocketed in recent years? It’s a complex global market, but there are a few key reasons for the surge. It’s also cheaper and more environmentally friendly to use scrap copper compared to mining for virgin copper. And like other types of recyclable metals, scrap copper is highly prized because it can be recycled over and over and over again without degrading. Copper can be bent, flattened and formed into whatever shape a manufacturer needs it to be. It’s widely used in construction because it’s an excellent conductor of heat and electricity, and it’s much more flexible than most metals. Why’s the Price Up for Scrap Copper?Ĭopper is always in great demand. Over the last year, consumers have seen prices above $3 or even $4 per pound for copper scrap. How much you can get for your scrap metal depends on where you live and changes day to day, but here’s one indication of how much the copper market has changed: In late 2020, we told you that scrap copper could bring in more than $2/pound. But the upward price trend isn’t expected to continue indefinitely the World Bank estimated that the price would decrease to about $7,500 per ton by the end of 2022. In May 2021, for example, the price for one metric ton of copper reached $10,512 -a 130 percent price increase over March 2020. Globally, copper prices reached all-time highs in 2021 and reached a record high in early March of 2022 – with prices briefly exceeding $5.00 per pound. And if your business buys scrap copper, you’ve definitely noticed that copper has been more expensive than ever before. If your business generates any scrap copper, you probably noticed that 2021 was a banner year for copper prices.
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