SHANGHAI, Feb. 14 (SMM) – China imported 380,000 tonnes of unwrought copper and copper semis in January 2017, down 22.45 percent month-on-month, and 14 percent year-on-year, according to China Customs.
Why did Chinese imports of unwrought copper and copper semis fall both a monthly and yearly basis?
SMM attributes the decline to following three factors.
First, the profitable import window, after briefly opening in November 2016, had been closed till late January.
Second, the 2017 Chinese New Year holiday fell on January 28, earlier than the 2016 holiday, which fell on February 8. Customs clearance before the holiday, which came earlier than 2016’s, reduced import activities.
Third, the seasonal factor also explained the decline. Domestic producers gradually withdraw from the market for the holiday, and downstream demand waned.