CHINA June 22 2016 5:35 PM
LONDON (Scrap Register): The refined copper market for March 2016 excluding the adjustment for changes in China’s bonded stocks showed an apparent production deficit of around 40,000 metric tons, as per the preliminary International Copper Study Group data.
When making seasonal adjustments for world refined production and usage, March showed a similar production deficit.
The refined copper balance for the first quarter of 2016, including revisions to data previously presented, indicates a production surplus of around 42,000 t (and a seasonally adjusted deficit of about 43,000 t). This compares with a production surplus of around 143,000 t (a seasonally adjusted surplus of about 75,000 t) for the same period of 2015.
In the first quarter of 2016, world apparent usage is estimated to have increased by around 7% (390,000 t) compared with that i n the same period of 2015 mainly due to higher Chinese imports of refined copper.
Chinese apparent demand increased by around 17% based on a 40% increase in net imports of refined copper from the lower net import level in early 2015 and consequently lower apparent usage. Excluding China, world usage declined by around 1.5%.
On a regional basis, usage is estimated to have increase d by 4% in Europe and 11% in Asia (when excluding China, Asia usage declined by 4%), while declining by 17% and 3.5% in Africa and in the Americas respectively and remaining essentially unchanged in Oceania.