SMM estimated that copper semis imports in May were 29,800 mt, down 2.8% MoM and up 5.9% YoY; cumulative imports from January to May were 147,900 mt, down 1.21% YoY.

SMM estimated that copper semis exports in May were 70,600 mt, up 4.04% MoM and up 24.89% YoY; cumulative exports from January to May were 325,400 mt, up 16.09% YoY.

Significant import losses and high copper prices reduced import volume in May. According to customs data, the combined import volume of copper rods and wires in April was 9,800 mt, down 25.2% YoY; the import volume of copper plate/sheet and strip in April was 7,500 mt, up 47.6% YoY; the import volume of copper foil in April was 10,900 mt, up 22.3% YoY; the import volume of copper pipes in April was 1,900 mt, up 15.9% YoY. In terms of exports, customs data showed that the combined export volume of copper rods and wires in April was 15,000 mt, up 101% YoY; the export volume of copper plate/sheet and strip in April was 8,900 mt, down 3% YoY; the export volume of copper foil in April was 12,000 mt, up 7% YoY; the export volume of copper pipes in April was 30,600 mt, up 5% YoY. Notably, the export volume of copper rods and wires increased significantly due to substantial export profits, which is expected to have continued into May. This is also reflected in the recent rise in the shipping index. According to the Shanghai Export Containerized Freight Index (SCFI), as of May 31, the index was 3,044.77, up 1,104.14 from 1,940.63 at the end of April, an increase of 56.89%.

In June, significant import losses and weak demand are expected to continue to affect import volume, and we expect copper semis import volume to decline MoM in June; overseas demand weakening and declining export profitability are expected to lead to a decline in export volume in June.