Tight overseas supply weighs on China's copper anode imports in Jan-Jul

SHANGHAI, Aug 28 (SMM) – China's imports of copper anode, or blister copper smelted from copper concentrate, fell a sharp 11.73% from the same period last year, to stand at 459,000 mt, deterred by lower production and raw materials shortage overseas. 

Customs data showed that imports in July shrank 0.23% on the year but increased 9.72% on the month to 69,700 mt. Demand from domestic refineries rallied after concentrated maintenance in the second quarter, and this accounted for the higher imports from a month ago. 

The year-to-date imports from Chile shrank considerably, as shipment from Chile’s Codelco, the world’s largest copper producer, was affected by climate issues, delayed resumption at its Chuquicamata smelter, and lower production resulted from declining ore grades. 

A greater share of copper anode was moved to India, as local refineries under Vedanta faced feedstock shortage on diminishing supply from its Konkola copper mine in Zambia since May. 

SMM learned that refining charges for seaborne blister copper have slipped to $130/mt, down from quotes in July.