China's imports of refined copper fell to a four-year low in the first six months of 2023, underlining the sense of stalled momentum in the world's manufacturing powerhouse.
The country is the world's largest buyer of refined copper and its loss of import appetite has dashed hopes for a turbo-charged rebound from last year's stringent COVID-19 restrictions.more government stimulusChina's visible copper stocks are low, meaning that any significant shift in demand impetus could quickly reinvigorate imports.
The net import figure is the best indicator of the country's pull on units from the rest of the world and on this basis imports were weaker still, dropping by 13% year-on-year to 1.48 million metric tons.There has been no import surge from either Russia or the Democratic Republic of Congo.Russian aluminium shunned by Western users, there has been no change of copper import pattern since Moscow's February 2022 invasion of Ukraine.
May imports of 2.6 million metric tons marked an all-time monthly high and first-half imports of 13.4 million were also a new record. Imports have been trending higher ever since, particularly from traditional trading partners in Europe and the United States. Despite a lengthening list of supply disruptions, particularly in top producer Chile, China's smelters are evidently not struggling to find raw materials.the third-quarter guidance for copper concentrate processing treatment and refining charges to a near six-year high amid abundant supply.
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