China's copper imports fall sharply in Oct due to sluggish consumption
Refined copper imports are expected to remain significantly lower in October due to lower bills of lading and warehouse receipts. As a result, Mysteel forecasts China's refined copper imports will be at 279,000 tonnes in October, with a decrease of 20% month on month and an increase of 4.69% year on year.
Data Source: Customs, Mysteel
Refined copper orders from downstream enterprises fell off a cliff in October, especially from copper rod and copper tube enterprises, since there were no such new or previously left orders from household electrical appliances and the power grid industry as in September.
In addition, the import price ratio was not profitable to imports in October, which showed a significant contraction compared with September. With the strong performance of US dollar in October, copper import losses widened, to a certain extent curbing copper imports.
Finally, China copper smelters continued to ramp up copper production in the second half of 2022, resulting in a looser supply pattern and reduced demand for imported copper.
Written by Edenlis Huang, huangting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com
Edited by Edenlis Huang, huangting@mysteel.com
Modified by Paula Xu, xuzhongping@mysteel.com
Edited by Edenlis Huang, huangting@mysteel.com
Modified by Paula Xu, xuzhongping@mysteel.com
Edited by Edenlis Huang, huangting@mysteel.com
Modified by Paula Xu, xuzhongping@mysteel.com
Edited by Edenlis Huang, huangting@mysteel.com
Modified by Paula Xu, xuzhongping@mysteel.com
Edited by Edenlis Huang, huangting@mysteel.com
Modified by Paula Xu, xuzhongping@mysteel.com
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