China Sept copper imports snap 5-month fall as delayed shipments arrive

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(Businesshala) – China’s copper imports plunged five-month-on-month in September, customs data showed on Wednesday, as shipments held in ports of the world’s biggest metal user eased coronavirus restrictions. became available after

FILE PHOTO: A worker works at a power cable factory in Baoing, Jiangsu Province, China, July 23, 2006. Businesshala/Allie Song

The country’s copper imports for the third quarter, however, fell to a more than two-year low, mainly due to higher prices in July and August.

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The General Administration of Customs said the arrival of crude copper and products in China in September was 406,016 tonnes.

This was up 3% from 394,017 tonnes in August – the lowest import figure since June 2019 – but still about 44% lower than September 2020, the second-highest monthly total on record.

In the first nine months of 2021, China’s copper imports declined 19.5% year-on-year to 4.1 million tonnes.

Imports for the third quarter of the year stood at 1.224 million tonnes, its lowest quarterly level since the second quarter of 2019.

China’s manufacturing sector, a major copper consumer, shrank in September due to widespread restrictions on electricity access and high input prices.

However, late arrival of cargo in last month’s copper imports led to strict disinfection measures in cases of COVID-19 due to overcrowding at Chinese ports in August.

In addition, inventories of refined copper in Shanghai bonded warehouses fell by nearly a third in September, the sharpest monthly decline since at least 2013, as relatively cheap London prices for copper made imports more favorable.

He Tianyu, Chinese copper analyst at CRU, said, “Logistics delays and open arbitrage windows have pushed up imports.

However, the lack of power should not affect copper consumption in the long run. “It has a greater impact on aluminum and steel,” he said, because they are more energy intensive.

Customs said imports of copper concentrate, or partially processed copper ore, stood at 2.11 million tonnes in September, the highest monthly level since March.

This was up 11.9% from 1.886 million tonnes in August, but slightly lower at 2.138 million tonnes in September 2020, the second highest monthly total on record.

Crude aluminum and products exports stood at 491,985 tonnes in September, the highest monthly level since March 2020.

Exports were up slightly from 490,286 tonnes in August, and were up 15.4% year-on-year.

Reporting by Emily Chow and Tom Daly; Editing by Richard Pullin and Muralikumar Anantharaman

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