SHANGHAI, Jul. 28 (SMM) – China imported 990,000 mt of copper concentrate in June, according to Customs data, up 0.6% from June and little changed from a year ago.
Some copper smelters resumed production from maintenance in May and June, and the resultant rise in copper concentrate demand incentivized importation.
Concentrate imports grew 11.6% January-June. This was mainly because high term TC/RCs have prompted smelters to sign more term contracts due for delivery this year.
Most smelters will bring their production back to normal after completing maintenance, and some will step up production to meet output targets. This will encourage copper concentrate imports, leading SMM to believe July’s copper concentrate will grow faster.
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