China’s copper imports fell by 1pc in July from the previous month, on a slump in buying interest due to high prices, the release of state reserves, and an increase in scrap metal inflows.
China imported 424,280mt of copper products and unwrought copper last month as compared to 428,437mt in June. In July 2020, the country imported 762,211mt according to the General Administration of Customs data.
Copper concentrate imports or partially processed copper ore imports increased by 13pc to 1.887mn mt in July as compared to 1.671mn mt in June and by 5.1pc from 1.795mn mt in the prior year period.
Activity in the country’s copper-based manufacturing and construction sectors slumped in July owing to high raw material costs and extreme weather. The Chinese government also sold off 50,000mt of copper from state reserves to cool prices.
China Metal Information Network, Antaike said it expected China’s refined copper imports to return to pre-pandemic levels this year after bumper inflows last year.
A new import policy that allows unlimited entry of high-grade scrap metal could bring in an additional 400,000mt-500,000mt of copper scrap on a metal content basis this year, the Chinese network added.
The country’s electrolyte aluminium and products exports rose by 25.7pc to 469,000mt in July from July 2020.
Primary aluminium and products exports increased by 3.21pc from 454,400mt in June.