According to customs data, in April 2024, copper tube imports were 1,892.8 mt, down 0.5% MoM, up 15.9% YoY; from January to April, cumulative imports were 7,255.9 mt, up 19.3% YoY. In March, copper tube exports were 30,618.3 mt, up 5.3% MoM, up 4.5% YoY; from January to April, cumulative exports were 118,391.2 mt, up 7.9% YoY.
April copper tube import and export data continued to show a YoY growth trend, with export volumes again surpassing 30,000 mt. After the surge in copper prices in mid-March, the price spread between SHFE and LME copper expanded and import losses widened. Meanwhile, export opportunities arose. Export volumes in April grew significantly MoM. On the import side, although there was YoY growth in April, imports declined MoM. Besides import losses, high copper prices and reduced domestic sales plans by air conditioner manufacturers also led to a MoM decrease in imports. As copper prices continued to rise in April and May, it is expected that copper tube exports will still have room for MoM growth in May, while imports will decline.
By country, the share of China's copper tube imports from various countries in April showed significant differences compared to March. Thailand's share increased from 30% in March to 49% in April, while South Korea's share decreased from 18% in March to 4% in April. There were no significant changes in the share of China's copper tube exports by country in April, with Thailand, the US, and Taiwan still in the top three.
Copper prices surged in May, breaking historical highs, and the import window completely closed, impacting copper tube import volumes. Meanwhile, SMM expects a slight decline in the operating rate of Chinese copper tube manufacturers in May. China's copper tube import volumes may continue to decline MoM, but exports are expected to remain strong due to robust overseas demand.
