SHANGHAI, Mar.25 (SMM) – China’s refined copper imports posted a 24.23% fall on the year in February this year, to 211,609 tonnes, Customs data indicate.
The noticeable decline in import volumes was mainly due to the Chinese New Year. However, SMM expects the import numbers to bounce back to more than 300,000 tonnes this month, as recent recovery in SHFE/LME copper price ratio incentivized copper importation, both from foreign nations and bonded zones. The increasing copper imports are likely to fuel oversupply pressure in Chinese market.
China imported 511,851 tonnes of refined copper January-February, also down 24% year-on-year.
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