SHANGHAI, Jun. 12 (SMM) – The utilization rate at China’s major copper smelters tumbled 9.39 percentage points on the month in May, to 76.04%, due mainly to maintenance operations, SMM’s latest survey indicates.

Zhongtiaoshan Nonferrous, Jinchuan Group, and Xiangguang Copper all reported output declines in May.

More than 10 smelters have conducted maintenance so far this year, and the duration was longer than past years, SMM learned. Some smelters even started repairs during the peak season. Moreover, there are still a number of smelters planning to launch maintenance in the latter half of the year.

Some considered the frequent maintenance operations a reflection of unimproved demand in the high demand season this year.

“Supply of imported copper was limited in China and SHFE copper inventories kept falling, but China’s copper premiums showed limited changes in May, this may somewhat be explained by anemic consumption,” SMM says.
 
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