SHANGHAI, Mar. 28 (SMM) –
China’s apparent consumption of refined copper reached 525 kt in February, down significantly from 631.4 kt in January, and down 11.11% YoY. The Chinese New Year holiday in early February weakened demand, so imports of refined copper fell sharply, especially when the price ratio was unfavorable for imports. Some imported goods were re-exported to other countries, causing China’s refined copper exports to rise sharply. SMM believes China’s refined copper consumption will return above 600 kt in March, given the recovery in downstream demand and improvements in the price ratio.
China’s apparent consumption of copper semis was 626.2 kt in February, down from January’s 728.2 kt. The declines in apparent consumption of copper semis were lower than those of refined copper, as both exports and imports of copper semis were down, offsetting some declines. As the peak demand period nears, SMM believes China’s copper semis output will increase significantly in March and apparent consumption will improve as a result.
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