China June Cu Imports and Exports Data Analysis

SHANGHAI, July 26 (SMM) -

Copper Concentrate
According to China Customs, China’s imports of copper concentrate were 550.5 kt in June, up from May levels of 479 kt, but still low on a yearly basis.  SMM believes low spot prices and a fluctuating price ratio is restricting growth in copper concentrate imports.  However, China’s YTD imports of copper concentrate are still positive, up 8.21%, and a result of expanding copper smelting capacity during 1H 2010 and limited raw material substitutes.

Refined Copper
According to China Customs, China’s imports of refined copper were only 212 kt in June, down 67.7 kt from May, and down 44.11% YoY.  SMM believes higher premiums for imported copper in May and June depressed buying interest and that fluctuating copper prices were also to blame for marked declines in imports of refined copper.  SMM believes premiums for imported copper will continue to rise and imports of refined copper will not likely improve during July.

Copper Semis
According to China Customs, China’s imports of copper semis were 82.5 kt in June, down slightly from 83.7 kt in May, but still up on a yearly basis.  June is the start of a traditional low demand period for copper semis, and demand from the electronics industry, which consumes a high proportion of copper semis imports in the form of copper foil, has fallen significantly.  SMM believes China’s imports of copper semis will continue to fall during July.

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