China’s copper imports in June 2022 registered a significant growth of up to 12.53% in most segments ranging from scrap to semi-finished and finished long material, as per customs data.
However, the finished flat (foils, pipes, tubes, plates, sheets, and strips) import segment saw a marginal downfall of 1.57% in June as against the previous month.
Factors behind higher imports are better economic activities followed by the increase in monthly Industrial power generation by 1.5% along with the rebound in retail sales of consumer goods by 0.53% in June.
Further, If we consider China’s household per capita income in the first half of the year, it registered a nominal increase of 4.7% over the same period of last year and a real increase of 3% after deducting price factors and further segregated on urban and rural residents.
During June copper scrap imports saw a marginal growth at 165,136 t, up by 4.38%; followed by finished long (bars, rods, and wire) material at 11,855t, up 3.39%; and the major contribution of semi-finished (anodes, billet, cathodes, etc.) was recorded at 498,720 t, which is at a six-month high. Other copper imports were registered at 3,504 t, down 11.86% over the previous month.
Trade channels believe that improving economic activities in China and efforts by other developed nations to tame inflation may be supportive if current dynamics persist.
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