According to customs data, in June 2024, copper pipe imports were 1,956.2 mt, up 4.1% MoM and 90.2% YoY. H1 imports totalled 11,061.1 mt, up 38.3% YoY. In June, copper pipe exports were 33,990.5 mt, up 3.7% MoM and 17.9% YoY. H1 exports totalled 185,173.0 mt, up 11.2% YoY.
In June, copper pipe imports showed both MoM and YoY growth, with the YoY growth rate lower than the previous month. H1 copper pipe imports maintained moderate growth, reflecting not only domestic demand growth but also strong overseas demand. However, compared to the same period in 2022, 2024 copper pipe imports were barely satisfactory.
In 2024, copper pipe exports showed a monthly increase, with significant YoY growth. Against the backdrop of strong overseas demand, H1 exports showed profitability, which prompted pipe enterprises to actively export. Thailand and the US ranked first and second in the number of copper pipes imported from China in H1.
By country, in June, imports from Thailand accounted for 52% of the total, down 4% from the previous month, while Japan accounted for 12%, down 6% from the previous month. Notably, South Korea's share increased from 3% last month to 10%. Domestic Korean-funded copper pipe enterprises may have designated Korean-produced copper pipes as raw materials for finished products, leading to an increase in imports from South Korea.
In terms of exports, Thailand and the US remained the main destinations for China's copper pipe exports. However, compared to May, June saw a significant increase in exports to Brazil. With hot weather in Brazil, companies like Gree and TCL have factories there, and the rise in copper pipe demand within the year makes imports from China a normal phenomenon.
Based on SMM copper pipe operating rates and household air conditioner production and sales, the market showed a cooling trend after entering June, but exports and overseas sales remained strong. It is expected that copper pipe exports will remain high in July or see a slight MoM increase, while imports may decline MoM.
