China Cu Import Data Analysis in January

Data Analysis 10:28:18AM Feb 27, 2012 Source:SMM

SHANGHAI, Feb. 27 (SMM) –

Copper Concentrate
According to China Customs, China's imports of copper concentrate in January were 601,800 mt (physical content), up 38,700 mt MoM and 30,700 mt YoY. SMM believes imports of copper concentrate are high in part due to goods ordered earlier now arriving at ports. Some copper smelters plan to increase output during 2012 and are now increasing purchases of spot copper concentrate in addition to existing long-term contracts, also helping January copper concentrate imports climb to 601,800 mt. However, as the SHFE/LME copper price ratio began to fall in mid-January, and since spot TC/RC for copper concentrate failed to improve significantly, interest in importing copper concentrate waned. 

Refined Copper
According to China Customs, China's imports of refined copper during January were 335,500 mt, down 17.56% MoM, but up 36.59% YoY. China's imports of refined copper for January stood above 300,000 mt for a third straight month as goods ordered December when the SHFE/LME copper price ratio was favorable arrived at ports. In addition, during January, refined copper importers began to exercise 2012 long-term contracts, the number of which rose over 2011. In this context, despite the Chinese New Year holiday and a falling SHFE/LME copper price ratio in mid-January, China's imports of refined copper during January still amounted to 335,500 mt. However, since copper inventories at bonded warehouses were high and refined copper importers suffered considerable losses, China's February imports of refined copper are expected to fall to around 270,000 mt.  

Copper Semis

According to China Customs, China's imports of copper semis during January were 44,300 mt, down 29.03% MoM and 38.9% YoY. The traditional low demand period during January, as well as New Year and Chinese New Year holidays cut into demand for copper semis. Costs for copper semis importers also rose due to a falling SHFE/LME copper price ratio, and as a result, downstream consumers opted to scale back imports of copper semis during January. 


 

China Cu Import Data Analysis in January

Data Analysis 10:28:18AM Feb 27, 2012 Source:SMM

SHANGHAI, Feb. 27 (SMM) –

Copper Concentrate
According to China Customs, China's imports of copper concentrate in January were 601,800 mt (physical content), up 38,700 mt MoM and 30,700 mt YoY. SMM believes imports of copper concentrate are high in part due to goods ordered earlier now arriving at ports. Some copper smelters plan to increase output during 2012 and are now increasing purchases of spot copper concentrate in addition to existing long-term contracts, also helping January copper concentrate imports climb to 601,800 mt. However, as the SHFE/LME copper price ratio began to fall in mid-January, and since spot TC/RC for copper concentrate failed to improve significantly, interest in importing copper concentrate waned. 

Refined Copper
According to China Customs, China's imports of refined copper during January were 335,500 mt, down 17.56% MoM, but up 36.59% YoY. China's imports of refined copper for January stood above 300,000 mt for a third straight month as goods ordered December when the SHFE/LME copper price ratio was favorable arrived at ports. In addition, during January, refined copper importers began to exercise 2012 long-term contracts, the number of which rose over 2011. In this context, despite the Chinese New Year holiday and a falling SHFE/LME copper price ratio in mid-January, China's imports of refined copper during January still amounted to 335,500 mt. However, since copper inventories at bonded warehouses were high and refined copper importers suffered considerable losses, China's February imports of refined copper are expected to fall to around 270,000 mt.  

Copper Semis

According to China Customs, China's imports of copper semis during January were 44,300 mt, down 29.03% MoM and 38.9% YoY. The traditional low demand period during January, as well as New Year and Chinese New Year holidays cut into demand for copper semis. Costs for copper semis importers also rose due to a falling SHFE/LME copper price ratio, and as a result, downstream consumers opted to scale back imports of copper semis during January.