SHANGHAI, May 17 (SMM) --
China's output of copper concentrate was 98 kt in April. High operating rates at copper smelters and lower TC/RC for imported copper concentrate created strong demand for copper concentrate. In this context, SMM believes China's copper concentrate output will remain high.
According to the National Bureau of Statistics (NBS), China's output of refined copper was 380 kt in April, up both on a monthly and yearly basis. YTD output was 1.455 million mt, up 16% YoY, and in line with SMM's previous survey of copper smelters. Domestic copper smelters generally keep output at normal levels during the traditional peak demand period from March to May, contributing to the steady increases in output.
According to the NBS, China's output of copper semis reached 1.019 million mt in April, setting a new high from the 1.005 in December 2009. High operating rates at copper semis producers during the recent seasonal peak demand period, as well as the commission of new capacity contributed to the increase in output of copper semis. However, whether or not the growth of output will be consumed by downstream producers remains to be seen.
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