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Chinese copper imports fall to 16-month low
Tuesday, September 10, 2024 - 08:30
crédito foto Reuters importaciones chinas de cobre

Imports of raw copper and copper products last month stood at 415,000 metric tons, down 12.3 percent from 473,330 tons a year earlier and the lowest level since April last year, according to data from the General Administration of Customs.

China's imports of raw copper fell to a 16-month low in August, customs data showed on Tuesday.

Imports of raw copper and copper products last month stood at 415,000 metric tons, down 12.3 percent from 473,330 tons a year earlier and the lowest level since April last year, according to data from the General Administration of Customs.

This figure represents a 5.3% decrease compared to July imports.

Data includes anodes, refined, alloyed and semi-finished copper products.

Demand for the metal, used in the energy, construction and transport sectors, has been hit by weakness in the manufacturing sector in the world's second-largest economy.

Amid a protracted property crisis, China's manufacturing activity sank to a six-month low in August as factory gate prices fell and landlords struggled to secure orders, an official survey showed.

Auto sales also fell for a fifth straight month in August, according to industry data.

Slowing demand in the world's top consumer of the metal has kept inventories stubbornly high, holding back global copper prices.

In the first eight months of the year, copper imports rose 3% to 3.62 million tonnes, the data showed.

This figure is in line with analysts' expectations for annual growth of less than 3% in Chinese copper consumption in 2024, slowing from last year's rate of more than 5%.

Strong production also weighed on imports.

Despite a marginal monthly decline, Chinese refined copper output remained above 1 million tonnes in August, beating expectations in a survey by data provider Shanghai Metals Market.

As a result of strong output, copper concentrate imports last month stood at 2.57 million tonnes, the highest since August last year, customs data showed.

Copper concentrate imports totaled 18.64 million tonnes in the first eight months, up 3.2% from a year earlier.

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