Copper Concentrate Imports Rose Sharply in May, and the Monthly Import Volume Hit a Record High

SHANGHAI, Jun 14 (SMM) - China imported 1.884 million mt of copper concentrate in April, down 13.7% on the month and down 1.9% on the year. China imported 2.189 million mt of copper concentrate in May, up 16.2% on the month and up 12.5% on the year. From January to May, the imports totalled 10.422 million mt, up 6.1% year-on-year.

China's copper concentrate imports decreased significantly in April mainly because the shutdown of Xiangguang aroused a decrease in copper concentrate imports and shipments. In addition, in the second quarter, smelters that got sufficient inventory were not active in purchasing concentrate. In April, the copper concentrate imported from South America decreased significantly.  The import volume of copper concentrate from Peru was 470,000 mt, a decrease of 4.5% from the previous month but an increase of 22.1% from the same period last year. China imported 554,000 mt of copper concentrate from Chile, a decrease of 34.4% from the previous month and a decrease of 14.2% from the same period last year. In April, China imported less copper concentrate through the inland ports. The import volume of copper concentrate from Mongolia was 118,000 mt, a decrease of 11.9% from the previous month but an increase of 52.2% from the same period last year. Copper concentrate imported from Kazakhstan was 128,000 mt, a decrease of 16.5% MoM but an increase of 30.1% MoM.

Accordingly, the mine production and shipment in South America gradually increased. At present, MMG has reached an agreement with the community on ending the protest, and it participated in the dialogue led by the government, which is tentatively scheduled to start on June 15 and last for 30 days.  The mine production and copper concentrate transportation restarted on June 11, 2022 (Peru time).  In addition, according to SMM research, the inland ports of Ganqimaodu and Erenhot in north China were once again affected by the pandemic situation. From June 4 to June 7, the staff at Ganqimaodu Port could not leave their working places due to the pandemic control measures. As the number of people infected with COVID-19 has increased, Erenhot Port adopted the closed-loop management. Erenhot Port is the main entrance for the Erdenet copper mine, which has an annual output of 130,000 mt of copper concentrate in metal content, in Mongolia. The pandemic outbreak in Erenhot cast little impact on the import of copper concentrate.