Copper plate and strip imports fell from January to February 2024, exports increased significantly in January [SMM Analysis]

Customs data from January to February this year have been released. In terms of copper plate and strip, exports in January were 107.8637 million tons, a year-on-year increase of 37.1%. Exports in February were 68.8097 million tons, a year-on-year decrease of 10%; imports in January were 7104.7 tons, a year-on-year increase of 24.95%, and February imports were 56.5729 million tons, a year-on-year decrease of 19.03%. The following is a detailed analysis.

Coiled copper-zinc alloy plates and strips and copper plate and strips were the key driving factors for the large growth in exports in January. As the overseas economy gradually recovers and countries prepare to end the high-interest rate cycle, consumption is showing a positive trend. However, in terms of imports, imports of copper plates and strips showed sluggishness in January and February. In addition to the Chinese New Year holiday, one of the main reasons is the overcapacity of domestic copper strips and the gradual weakening of the import advantage.

With regard to the market outlook, domestic consumption is expected to recover driven by the old-for-new policy. The issuance of national debt has also provided support for the steady decline of the dual leverage of local debt and residents. It is expected that the domestic guarantee of housing delivery will be progressed, and residents' consumption will be boosted. It will provide support for consumption, and it is expected that the import and export volume of copper plate and strips will usher in a certain growth.