SHANGHAI, May 24 (SMM) – The Port of Erenhot in Inner Mongolia imported 198,000 tonnes of copper ore during the first months of 2016, up 25.1 per cent on a yearly basis.
Those imports via the port valued 1.15 billion yuan, down 2 per cent, as copper ore oversupply both in Chinese and international markets weighed down import price. During the period, the import price fell 21.7 per cent to 5,809.3 yuan per tonne.
At present, inventories of copper ore are high in China, but production enthusiasm at domestic copper mines remains high. Moreover, output from newly-built or expanded ore projects also add to market supply pressures.
According to statistics, global copper ore supply will grow to a peak level in 2016, and is estimated to reach 19.598 million tonnes, up 5.0 per cent.
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