SHANGHAI, June 28 (SMM) –
According to China Customs, China's imports of copper concentrate were 479 kt in May, their lowest level so far this year. SMM believes wide copper price fluctuations during May affected producer enthusiasm for importing goods, and that unit maintenance in June and July also reduced demand for copper concentrate, resulting in lower levels of imported copper concentrate.
According to China Customs, China's imports of refined copper were 279.7 kt in May, down 30.1 kt from 309.8 kt in April. Supply of imported copper tightened as a result of volatile copper prices in May, with firm premiums reported, pushing down import volumes. Current spot consumption was also soft, also reducing demand for imported copper. In this context, SMM believes China's imports of refined copper will continue to fall in June, to levels between 260-300 kt.
According to China Customs, China's imports of copper semis were 83.7 kt in May, down slightly on a monthly basis, but up 23.60% YoY. The expected low demand period will become more evident from June onward, with China's imports of copper semis falling as a result. In this context, SMM expects China's imports of copper semis will fall further in June.
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