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SMM Analysis of the Surge in China's Exports of Copper Plate and Strip in 2022
Jul 29, 2022 10:26CST
Source:SMM
According to customs data, China exported 51,300 mt of copper plate and strip from January to June in 2022, a year-on-year increase of 56.45%. Exports in June stood at 10,027.16 mt, up 84.11% YoY. China imported 53,200 mt of copper plate and strip in the first half year, a year-on-year decrease of 18.01%.

SHANGHAI, Jul 29 (SMM) – According to customs data, China exported 51,300 mt of copper plate and strip from January to June in 2022, a year-on-year increase of 56.45%. Exports in June stood at 10,027.16 mt, up 84.11% YoY. China imported 53,200 mt of copper plate and strip in the first half year, a year-on-year decrease of 18.01%. Imports in June were 9,184.5 mt, a year-on-year decrease of 17.51%. From January to June 2022, China's net imports of copper plate and strip totalled 1,900 mt, down 93.98% on the year, indicating that the exports had significantly exceeded the imports.

In June, China's top five suppliers of copper plate and strip are Japan, South Korea, Germany, Taiwan and Vietnam, with a total volume of 8,400 mt, accounting for 90.94% of the total imports. Specifically, the total imports from Japan, South Korea and Germany amounted to 7,100 mt, accounting for 77.16% of the total. As for January to June, the import volume from those three countries totalled at about 41,700 mt, accounting for 78.34% of the total imports, and the import volume of the top five suppliers stood at about 48,100 mt, accounting for 90.35%. It is worth noting that China's overall import volume of copper plate and strip has shrunk so far this year, but the imports from Vietnam have surged. It is because the cheap labour in Vietnam has attracted high-end copper alloy manufacturers to move there while at the same time, China's demand for high-precision red copper, brass, and alloy strips has increased due to the rapid development of new energy vehicles, the driving force of 5G in business and the upgrading of the electrical industry. According to customs data, China's exports of copper plate and strip were about 10,000 mt in June, down 3.04% month-on-month and up 84.12% year-on-year. From January to June 2022, China's exports of copper plate and strip totalled 51,300 mt, up 56.45% on the year. 

Top five importers in June received 7,800 mt of copper plate and strip from China mainland, down 5.35% on the month but up 91.70% on the year, accounting for 77.83% of its total exports. Among them, the exports to Germany, South Korea and other countries from January to June doubled year-on-year. Top five importers in June received 7,800 mt of copper plate and strip from China mainland, down 5.35% on the month but up 91.70% on the year, accounting for 77.83% of its total exports. Among them, the exports to Germany, South Korea and other countries from January to June doubled year-on-year. As the Covid-19 pandemic had been under control in China starting the second half of 2020, the supply chain recovered rapidly, which affected the robust exports of terminal products. On the other hand, as overseas pandemic was also under control and overseas manufacturers resumed the production gradually, their demand for raw materials soared. For example, after the lockdown in Germany was lifted in April this year, German automakers including Volkswagen and Mercedes-Benz resumed the production in their German factories. As the backlog orders were gradually released, their demand for accessories such as automotive connectors and radiators increased sharply, boosting China's exports of copper plate and strip. At the same time, Tesla's Gigafactory in Berlin plans to increase its production by 200% starting October 2022 to 12,000 units per month, and the monthly production may achieve 20,000 units by the end of the year. The soaring prices of natural gas and electricity in Germany have led to insufficient supply for local copper plate and strip manufacturers, who had to resort to imports from China. In addition, the devaluation of the RMB also somehow boosted the enthusiasm of Chinese exporters. China's exports of copper copper plate and strip are expected to grow further, reversing its net imports of copper plate and strip.
 

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