China’s unwrought copper and copper materials imports rose by 11.7pc to 1.435mn mt in the first quarter (Q1, January-March), according to China’s General Administration of Customs data. In March, unwrought copper and copper materials imports were 552,317mt.
High copper consumption indicates robust economic activity. Chinese authorities are focused on achieving carbon neutrality. According to a Woodman Mackenzie report, China needs approximately 7.5mn mt copper annually to become completely carbon neutral by 2060.
Also, physical arbitrage opportunity in China drove imports of unwrought products.
China’s copper ore and concentrates imports rose to 5.962mn mt in Q1, up by 7.7pc from a year ago. In March, copper ore and concentrates imports were 2.171mn mt.
China’s unwrought aluminium and aluminium products’ exports rose to 1.285mn mt in Q1, up by 8.3pc from a year ago. In March, exports were 443,483mt.