SHANGHAI, Mar 17 (SMM) - SMM estimates that China imported 41,000 mt of copper semis in February, up 78.3% month-on-month and 13.1% year-on-year. The imports are estimated to total 64,000 mt from January to February, down 19% year-on-year.
Copper semis exports in February are estimated at 61,000 mt, up 54.43% MoM and 28.19% YoY. The imports are estimated to total 100,500 mt from January to February, down 15.47% YoY.
SMM believes that the main reason for the year-on-year increase in the import and export volume of copper semis in February is the influence of the CNY holidays; however, the cumulative import and export volumes from January to February both decreased year-on-year. Imports were mainly affected by the earlier CNY holidays and the late return of factories to normal production after the holiday. In terms of exports, developed countries in Europe and the United States were experiencing high inflation, and the demand for durable goods decreased. In addition, the high base last year was also an important reason for the year-on-year decline. The export decline can be also reflected in the Shanghai Export Containerized Freight Index (SCFI) which stood at 931.08 as of March 3, a drop of 75.81 or 7.5% from 1,006.89 at the beginning of February.
