SHANGHAI, Jul. 29 (SMM) –
Copper concentrate imports during June were 673,500 mt, or 170,000 mt (copper content), down 7.66% MoM, but up 40.23% YoY. YTD imports through June were 4.46 million mt, up 32.02% YoY. June’s import volume was the lowest monthly level so far this year, and one reason was the decline in imports from Chile. Imports from Chile in June were 120,800 mt, down 59,300 mt MoM. Another factor was the restart of an Indian smelter, leaving no more goods available to China. High inventories and supply from long-term contracts at new mines also allowed smelters to reduce imports during June.
Refined copper imports during June were 277,700 mt, up 19.62% MoM and up 11.04% YoY, and the highest monthly volume so far this year. According to China Customs, imports from Chile during June were 111,600 mt, up 120.64% MoM and a high for the year. Arrivals from Chile fell sharply in April and May due to labor strikes at Chilean ports, so the sharp rise in imports in June was due largely to the arrival of delayed goods from Chile.