SHANGHAI, Aug. 30 (SMM) –
According to SMM data, China's apparent consumption of refined copper in July was 620.9 kt, down 0.03% YoY, and also down compared with June levels of 632.1 kt. The lower apparent consumption was due to declines in imports of refined copper, but SMM does not believe the lower apparent consumption represents weakening domestic consumption given the previous outflow of inventories and the substitution of scrap copper. SMM predicts apparent consumption of refined copper in August will remain low if imports of refined copper do not improve.
China’s apparent consumption of copper semis in July was 953.6 kt in July, down by 90.1 kt from June’s 1.04 million mt, but up 15.83% YoY. In general, domestic demand for copper semis still has strong upward momentum. Lower apparent consumption of copper semis in July was mainly attributed to declines in both output and imports of copper semis. According to an August survey of copper semis producers by SMM, operating rates at copper semis producers fell again, so SMM predicts apparent consumption of copper semis will also continue to fall in August.
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