[SMM Analysis] China’s import volume of copper ore and concentrate from January to February was 4.658 million tons

China's import volume of copper ore and concentrate from January to February was 4.658 million tons, an increase of 0.6% from the same period last year. From January to February 2024, China's cumulative import volume of copper concentrate has almost no growth. In January 2024, China's copper ore and concentrate imports were 2.4567 million tons, a month-on-month decrease of 0.99%, and a year-on-year increase of 4.15%; in February 2024, China's copper ore and concentrate imports were 2.2009 million tons, a month-on-month decrease of 10.41%, a year-on-year decrease of 3.33%.

From the supply side, the month-on-month increase in China's copper concentrate imports in January was mainly driven by cargoes from Mexico, Serbia, Spain, Botswana and the United States. In January 2024, China's imports of copper concentrate from Mexico increased by 28,000 tons month-on-month, imports of copper concentrate from Serbia increased by 53,600 tons month-on-month, imports of copper concentrate from the United States increased by 26,600 tons month-on-month, and imports of copper concentrate from Spain increased by 31,500 tons month-on-month. Imports of copper concentrate from Botswana increased by 27,800 tons month-on-month. The month-on-month decrease in China's copper concentrate imports in January mainly came from Peru, Panama and Saudi Arabia. In January 2024, China's copper concentrate imports from Peru decreased by 46,400 tons month-on-month, copper concentrate imports from Panama decreased by 51,300 tons month-on-month, and copper concentrate imports from Saudi Arabia decreased by 22,900 tons month-on-month.

In February, China's copper concentrate imports fell by 255,800 tons month-on-month. The month-on-month decrease in China's copper concentrate imports in February mainly came from Chile, Peru, Mexico, Serbia, the United States and Spain. In February 2024, China's copper concentrate imports from Chile decreased by 74,800 tons month-on-month, copper concentrate imports from Peru decreased by 68,300 tons month-on-month, copper concentrate imports from Mexico decreased by 58,300 tons month-on-month, and copper concentrate imports from Serbia decreased by 3.32 tons month-on-month. Thousand tons, copper concentrate imports from the United States decreased by 41,000 tons month-on-month, and copper concentrate imports from Spain decreased by 20,400 tons month-on-month.