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In August, copper tube imports and exports both declined MoM, but YoY growth remained significant [SMM Analysis]

iconSep 26, 2024 11:25
Source:SMM
According to customs data, in August 2024, copper tube imports were 1,465.6 mt, down 16.2% MoM, up 25.1% YoY.

According to customs data, in August 2024, copper tube imports were 1,465.6 mt, down 16.2% MoM, up 25.1% YoY; from January to August, cumulative imports were 14,276.0 mt, up 38.95% YoY. In August, copper tube exports were 32,177.7 mt, down 1.7% MoM, up 24.2% YoY; cumulative exports from January to August were 250,076.5 mt, up 14.4% YoY.

In August, China's copper tube import volume declined MoM, as expected. The Chinese market entered the off-season, with air conditioning companies focusing on sales. Air conditioner production schedules showed a decline of over 10%, with domestic sales dragging down performance and exports remaining strong. However, due to last year's low base, YoY growth was still significant.

In August, China's copper tube export volume also declined MoM. After the peak season, overseas demand for copper tubes also decreased significantly, and the YoY growth rate showed a decline.

By country, there were no abnormal performances in the import and export shares in August. Reviewing July, China's copper tube imports from Iran accounted for 12%, but this month it was less than 5%, indicating that the high import volume from Iran in August was not sustainable. However, imports from Italy surged to 7%.

Overall, in August, the air conditioning market was in the off-season, and copper tube demand was insufficient. The continued MoM decline in imports and exports was expected, with YoY growth still maintaining its pace. Looking ahead to September, the air conditioning market has not yet entered a significant H2 peak season, and copper tube companies do not expect an increase in operating rates. It is anticipated that the overall import and export volume in September will continue to decline slightly.

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