China imported 2,187,588.51 mt of copper ore and concentrate in November, a surge of 22.3% from the previous month and a year-on-year growth of 18.8%, according to customs statistics.

According to data from China Customs, China imported 2.188 million mt of copper ore and concentrates in November 2021, the highest level since December 2007, and a significant month on month increase of 21.76%.

The CSPT held a general manager office conference in Shanghai this morning, at which the spot TC/RC guidance price was finalised at $70/mt and￠7.0/lb in Q4. Spot TC has fallen to $30/mt at the end of March, the lowest level in ten years. Many smelters suggested that they could not accept prices below $30/mt. In doing so, the CSPT did not determine the rock-bottom price for Q2, the price in Q3 rose slightly from Q1 and increased sharply in Q4, indicating that the tight supply of copper concentrate was eased.

The CSPT held a general manager office conference in Shanghai this morning, at which the spot TC/RC guidance price was finalised at $70/mt and￠7.0/lb in Q4.

SMM RCs for domestic blister copper stood at 1,800-2,000 yuan/mt in May, up 100 yuan/mt month on month. RCs for imported blister copper were $185-205/mt on a cif basis, up $15/mt on the month.

The China Smelters Purchase Team (CSPT) held a first-quarter general manager's office meeting in Shanghai Pudong this morning.

Read-through of SMM Monthly PMI

Base Metals Diverge on Rising Supply and Delayed Demand Pickup

China's Elimination on Excess Capacity in Steel Continue to Act Positively

China’s Supply-Side Reform Continues to Reduce Capacity, Resulting in Lower Supply Marginal Elasticity vs. 2017