SMM estimates that China has imported 31,700 mt of copper semis in May, up 9% month on month but down 19.3% year on year. The imports are estimated to total 153,300 mt from January to May, down 23.9% year on year.
Copper semis exports in May are estimated at 56,500 mt, down 2.85% month on month and 8.86% year on year. The imports are estimated to total 280,300 mt from January to May, down 5.64% year on year.
The reopening of the import window in May drove copper semis imports to increase. However, the overall poor demand and substitution for other products led to a sharp decline in imports year-on-year. The imports of copper rod and wires from January to April rose 3.8% on the year and stood at 50,700 mt. Those of copper sheet/plate and strip; copper foil and copper pipe from January to April stood at 24,200 mt, 39,700 mt and 6,100 mt respectively, down 30%, 42% and 38% on the year, as shown by the General Administration of Customs. Import profits resulted in the growth in imports of copper rods and wires.
Exports of copper semis dropped in May on the month due mainly to weaker overseas demand especially in Southeast Asia. The exports of copper rod and wires from January to April rose 14% on the year and stood at 32,000 mt. Those of copper sheet/plate and strip as well as copper foil from January to April stood at 34,100 mt and 44,900 mt respectively, up 10% and 2% on the year. Exports of copper pipe in the same period fell 15% year on year to 109,700 mt. The Shanghai Export Containerized Freight Index (SCFI) stood at 979.85 as of June 9, a drop of 18.44 points or 1.85% from 998.29 at the beginning of May.
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