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Aurubis: ‘good’ results despite weak copper scrap supply

Germany – Low copper scrap supply exerted pressure on the latest results from Aurubis and, furthermore, ‘there haven’t been any signals for sustainable improvement’ in this market, comments the Germany-based copper recycling giant in its financial report for the six months ending March 31 this year.

The group’s performance was enhanced, however, by increased treatment and refining charges for copper concentrates as well as a good throughput, and also robust sales of copper products and the strong US dollar. Overall, says executive board spokesman Erwin Faust, ‘we achieved good half-year results and even exceeded analysts’ expectations for the second quarter’. Even so, revenues fell 14% year on year to Euro 4.725 billion owing primarily to ‘lower metal prices’.

Aurubis describes the availability of copper scrap as ‘weak’ in the first half of its financial year owing to low quotations ‘which made scrap traders less willing to sell’, although volumes recovered temporarily at the end of the period under review owing to copper price increases.

Availability of complex recycling materials such as industrial residues and electrical/electronic scrap was ‘sufficient’, adds Aurubis, but margins in this area ‘were also under pressure’.

The shortage of copper scrap has persisted into the third quarter of the group’s financial year, it notes. However, ‘a continued increase in copper prices could have a positive impact in this area’, it points out.

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