China September imports of crude, iron ore fall but gas, copper rise

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Oct 13 (Businesshala) – China’s copper imports rose for the first time in five months in September, as the coronavirus pandemic was curbed in the country, which is the world’s biggest consumer of the red metal.

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Key Points: *China September copper imports up 3% m/m to 406,016 T *China September crude oil imports down 15% y/y to 41.05 mln T *China September natural gas imports 22.6% y/y to 10.62 mln T * China Sept iron ore imports down 1.9% m/m to 95.61 mln T * China Sept coal imports up 76% y/y to 32.88 mln T

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Initial table of commodity trading data

Below are analysts’ comments on the commodity data. Comment on copper: He Tianyu, Crew Copper Analyst: “Logistics delays and an open arbitrage window pushed up imports. There was a lot of trading activity when the window opened in August. For China, restrictions on copper consumption are relatively small, affecting mainly small and medium-sized producers. It should not affect consumption in the long run, it has a greater effect on aluminum and steel.

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Comment on Iron Ore: ATILLA WIDNELL, Managing Director, Navigate Commodities: “We expect Australian and Brazilian iron ore shipments to remain in a sweet spot for the rest of the year. Chinese blast furnace capacity utilization rates ahead of the Beijing Winter Olympics exceed the current multiple.” -With this close to year’s low, we envision this will result in material build-up in portside inventory over the next few months.

Link: For details, see the official customs website (www.customs.gov.cn) Background: China is the world’s largest crude oil importer and top buyer of copper, coal, iron ore and soybeans.

Reporting by the Asia Commodities and Energy Team; Editing by Christian Schmollinger

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