SHANGHAI, Mar. 9 (SMM) – China’s copper concentrate imports are expected to see big growth in 2016 due to strong domestic demand, SMM says.
SMM projects China’s demand for copper concentrate should reach 11% in 2016. But domestic copper ore output may only rise slightly in 2016 as copper prices continue to fall.
“Global new copper ore processing capacity (excluding China) is expected to reach 1.45 million-tpy (copper content, basing on newly built and expanded projects) in 2016, with ore output growth around 4.2%.” said one SMM analyst.
China’s copper ore and concentrate imports were 1.46 million tonnes in February 2016, up 24.7% MoM, and imports totaled 2.63 million tonnes during January-February, a growth of 57.6% YoY.
Chinese copper smelters had expected spot TCs for copper concentrate to slide due to lower term TCs for 2016 and the 2016 Chinese New Year holiday. When combined with concerns over supply tightness in February, they were importing goods actively.
Term TCs of copper concentrate in 2016 were set at $97.35 per tonne between Chinese copper smelters and overseas mines, down from 2015’s $107 per tonne.
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