SIMULTANEOUS RAIDSThe regional customs office in Busan, South Korea’s top port city, identified 28 companies that exported more than 2,000 tons of copper scrap in the four months preceding The Korea Economic Daily story and selected seven firms suspected of illegal activity.At 10 a.m.on April 11, about 40 officials of the Busan Regional Customs simultaneously raided those companies located in Gimhae, South Gyeongsang Province, Hwaseong and Pyeongtaek, Gyeonggi Province.
Benchmark copper futures on the London Metal Exchange have been sliding after hitting a record high of $11,104 per ton in May, pushing down copper scrap prices in South Korea.“The copper scrap supply and prices were stabilized as global funds, which had bet on growth in copper demand, unwound their positions and the Chinese construction industry remained sluggish,” said a South Korean brass manufacturer official.
The unit of the Korea Customs Service last month sent the results of the investigations to the prosecution.“We confirmed those seven traders made unfair profits through illegal exports of copper scrap purchased without tax invoices,” said Lee Dong-hyun, head of the Busan Regional Customs’ investigation coordination division.
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