SHANGHAI, May 17 (SMM) –
According to China Customs, China's imports of scrap copper were 370 kt in April, and were in line with SMM's prediction of 320-380 kt. Replenishment of imported scrap copper stocks is in progress, but goods remain tight, but with some importers expressing plans to increase imports following copper price declines. In this context, China's imports of scrap copper should increase slightly during in May, with volumes between 350-420 kt.
Unwrought Copper and Copper Semis
According to China Customs, China's imports of unwrought copper and copper semis were 436.3 kt in April, down 4.36% MoM, but still up YoY. SMM believes falling imports of unwrought copper and copper semis were due to rising domestic output and from the unfavorable price ratio for imports during April. Since the SHFE/LME copper price ratio rose once in May, and since low prices will likely boost purchase interest, SMM predicts China's imports of unwrought copper and copper semis will be higher during May.
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