China's imports of copper scrap increased significantly by 43.2% month on month and decreased by 1.9% year on year to 161,500 tonnes in November, and the cumulative import volume rose by 6.4% year on year to 1.6315 million tonnes from January to November, according to General Administration of Customs of the People's Republic of China (GACC).
Data Source: GACC
In addition to some shipments in October that arrived in November, the main reasons that drove imports significantly up in November were owing to the slowdown of the Federal Reserve's interest rate increase expectation and the further optimization of China's epidemic control policies which boosted copper consumption demand and stimulated traders to import on increasing copper prices and import profits.
Copper scrap imports in China are expected to maintain a high level in December since processing enterprises usually step-up production at the end of the year to complete the annual plan and the demand for copper scrap will increase on the optimization of China's epidemic control policies and the increase of economic stimulus policies.
Written by Edenlis Huang, huangting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com