September Copper Pipe & Tube Imports Surge, Exports Decline: Iran Becomes Top Import Source in September [SMM Analysis]

According to customs data, in September 2024, copper pipe & tube imports reached 1,929.9 mt, up 31.7% MoM and up 92.4% YoY. From January to September, cumulative imports were 16,205.9 mt, up 43.7% YoY.

In September, copper pipe & tube exports were 27,696.8 mt, down 13.9% MoM and up 5.1% YoY. From January to September, cumulative exports were 277,773.3 mt, up 13.4% YoY.

In terms of imports, the significant MoM growth and the 92.4% YoY increase in September were mainly due to China importing 35% of its copper pipe & tube from Iran, the highest proportion in 2024, surpassing Thailand. According to the General Administration of Customs, in September, China imported 699,503 kg of copper pipe & tube from Iran under Ordinary Trade, with a price of 66.40 yuan per kg. These were all "other copper cathode pipes & tubes, 25mm < outer diameter ≤ 70mm." This led to a substantial increase in both MoM and YoY import volumes, but whether this trend will continue remains to be seen. If China's imports from Iran are only a temporary phenomenon, October import volume is expected to decline MoM.

In terms of exports, the MoM decline in September was due to a cooling in overseas markets. However, Malaysia, India, and Indonesia remained top destinations, with YoY demand for copper pipe & tube increasing in these regions in 2024. The overseas air conditioning market also performed well this year, driving demand for Chinese copper pipe & tube exports, with export processing fees slightly higher than domestic sales ones. October exports are expected to see a slight MoM increase, mainly due to the upcoming peak season for overseas orders.