According to the General Administration of China's Customs statistics, imports of refined copper in China decreased by 3.15% month on month and 12.9% year on year to 347,900 tonnes in December 2022, while the total imports in 2022 increased by 7.75% year on year to 3,709,300 tonnes.
Data Source: GACC
The main reason for the decrease in December was that the sharp rise in LME (London Metal Exchange) copper price led to a large loss in imports. In addition, the epidemic spread in China on a large scale in December, which led to a decline in the demand for processing enterprises and restrained imports. Nevertheless, China's refined copper imports in 2022 still maintained rapid growth.
Data Source: Mysteel, LME, SHFE
China's copper import volume in January is expected to be roughly the same year on year. The main reason is that the Spring Festival was earlier this year, and many Chinese copper processing enterprises are having holidays, which suppresses demand. However, the expectation of China's economic recovery in 2023 will boost the demand for imported copper. It is estimated that China's refined copper imports will exceed 4 million tonnes in 2023.
Written by Edenlis Huang, huangting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com
