China refined copper import in 2022 is less than expectation. Jan-Jul China total refined copper import was 2.09 million tons, +6.2% YoY, but the import growth pace slowed down and import declined MoM from Jun.
Three main reasons for import decrease:
1. European refineries cut production due to energy contradiction and refineries in Chile and Peru slowed down output growth rate due to COVID-19 and political risks.
2. India imported large amount of copper due to infrastructure construction.
3. China domestic copper consumption declined.
Data Source: Customs, Mysteel
From Mar-Aug 2022, China bonded warehouse inventory kept falling especially in Shanghai. Besides, imported copper arrival maintained low. However, refined copper import expects to recover from Sept according to Mysteel survey.
Data Source: Mysteel
Some warehouses and traders represented that Aug bonded warehouse inventory fell to the bottom level and some cargos will arrive in Sept. Some traders began to transact bill of lading in mid Sept and reflected that shipment arrival will increase in Sept.
For queries and more information/data/reports access, please contact Paula Xu at xuzhongping@mysteel.com