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SMM, December 27:
In November 2024, China's copper plate/sheet and strip imports remained generally stable. Year-end weakening in end-use demand led to a MoM decline of 5.45%, while imports were up 4.26% YoY. From the import structure perspective, growth was still concentrated in high-end copper-tin alloys, copper-nickel-silicon alloys, or copper strips with special coatings and dimensions. Brass strip imports decreased, while standard copper strip imports remained stable. End-use demand in 2025 is expected to continue focusing on new wind and solar power industries.
From the export perspective, November 2024 saw a temporary peak in copper plate/sheet and strip exports due to export tax rebate policies, with export volumes exceeding 12,000 mt, up 30.73% YoY and 13.57% MoM. The year 2024 was undoubtedly a booming year for copper plate/sheet and strip exports, with cumulative export volumes by November 2024 up over 30% YoY, driven by significant growth in Japan, South Korea, and Southeast Asia. However, entering 2025, concerns over tariff policy risks with the US and a shift in copper semis exports from Ordinary Trade to Processing Trade with Supplied Materials Manual may lead to structural changes in the copper plate/sheet and strip export landscape.
Looking ahead, December 2024 is expected to see a shift from growth to decline in domestic end-use consumption, as year-end financial settlements drive companies to focus on payment collection. Additionally, with the implementation of new policies in December, some enterprises' import and export manuals have yet to be finalized. A short-term peak is expected to be followed by a MoM decline in copper plate/sheet and strip imports and exports in December 2024.
