SHANGHAI, Jan. 31 (SMM) -- 

Copper Concentrate  
According to China Customs, China’s imports of copper concentrate were 485.1 kt in December, down 12.25% from November’s 552.8 kt, and down 3.54% YoY.  The unfavorable price ratio remained a major factor behind falling imports.  Copper prices slid in November, with LME copper prices more volatile than SHFE copper prices during this period, helping improve the SHFE/LME price ratio.  However, LME copper prices made stronger gains than SHFE copper during December, sending the ratio down again and causing imports of copper concentrate to fall.  Imports of copper concentrate from January to December 2010 rose 5.54% YoY, and was closely related to shortages in domestic copper concentrate as well as refined copper smelting capacity expansion in China, which posted YoY growth in output of 12.2%. 

Refined Copper
According to China Customs, China’s imports of refined copper were 228.6 kt in December, down 1.59% from November’s 232.3 kt, and down 6.46% YoY.  The lower SHFE/LME price ratio was behind falling imports of refined copper in December, with import losses above RMB 5,000/mt reported, severely depressing importer enthusiasm.  China’s refined copper imports during 2010 were down 8.37% from 3.185 million mt in 2009.  

Copper Semis
According to China Customs, China’s imports of copper semis were 73.5 kt in December, up 2.51% from November’s 71.7 kt, but down 20.60% YoY.  The main reason behind the sharp year-on-year decline in copper semis imports was lower copper semis demand.  China’s imports of copper semis during 2010 were 910 kt, up 10.90% YoY, while exports were 508.6 kt, up 11.70% YoY.  The higher YoY growth in exports compared to imports was due to replacement of imported copper semis by domestic goods.  China’s output of copper semis during 2010 was 10.67 million mt, while imports of copper semis for the year was only 910 kt, or 8.53% of China’s total output, a sign that imports had only a limited impact on the domestic copper semis market.

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