SHANGHAI, Mar. 9 (SMM) – According to China Customs, imports of China’s unwrought copper and copper semis were 340,000 tonnes in February, down 10.5% MoM and 19% YoY, and those declined 16% YoY to 720,000 tonnes from January to February.
SMM indicated that profitable import window closed from January to February 2017 while it opened in January 2016, reducing imports of unwrought copper and copper semis in the first two months of 2017, on a yearly basis.
Most imported copper entered into China’s market after customs clearance at the same period in 2016. But those backlogged in inventory of bonded zone in January and February this year with closure of profitable import window.
According to SMM, copper inventory at Shanghai Bonded Zone increased 125,000 tonnes to 595,000 tonnes from the week ending March 3, 2017 from the level seen in the week ending December 30, 2016.
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