SHANGHAI, Jul. 14 (SMM) – China’s copper imports for June rose 210,000 tonnes by Cu content on the month to 990,000 tonnes, up 46.99% from a year ago, according to Customs data.
Chinese copper smelters demanded postponements of term shipment deliveries after inventories mounted, cutting import volumes in May, but boosting arrivals in June.
The high TCs for imported concentrate in May and June also provided incentive for Chinese smelters to increase imports. Spot TCs for low-grade copper concentrate climbed to $130-140 per tonne during the two months.
In addition, rallying copper prices boosted selling interest at small and mid-sized mines and traders overseas, further boosting China’s copper concentrate imports in June.
China Customs reported a 21.8% YoY growth in China’s copper concentrate imports from January to June.
With smelters now sitting on large raw material inventories, China’s copper concentrate imports are expected to edge lower in July.