SHANGHAI, Sept. 22 (SMM) –According to import data from China Customs, China's refined copper imports for August were 235.6 kt, up 41.3 kt from July's 194.3 kt, and a gain of 21.3%.
From the preliminary import data released in early September, imports of unwrought copper and copper semis increased in August. After the release of detailed data, the increases in copper imports are seen to mostly come from increases in refined copper imports as apposed to copper semis, copper alloys and other copper products.
SMM believes as importing activities became much brisker during August due to a higher SHFE/LME copper price ratio as well as copper price declines, refined copper imports experienced significant increases. However, since downstream consumption hasn't completely recovered and market inventories also need some time to be consumed, SMM believes refined copper imports in September will stay flat with August levels, and any upward room will be limited.