China Copper Concentrate Imports Grow to 960,000 Tons in August 2014

SHANGHAI, Sep. 15 (SMM) – Customs reported China imported 960,000 mt of copper concentrate in August, up 6.53% from July, and rising by 207,600 mt from a year ago.

Two reasons underlay the higher import volume in August. First, foreign mines moved goods aggressively due to worries of a climb in spot TCs following the resumption of copper concentrate export from Indonesia. Second, continuous increases in spot TCs encouraged Chinese smelters to cut purchases of Chinese concentrate and step up imports. SMM predicts that copper concentrate imports will rise further in September with stocks at smelters declining and TCs on the rise. China’s copper concentrate imports were 7.29 million mt in the first eight months.