China's Nov copper imports rise to highest since March

  • 12/7/2021
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China"s copper imports in November rose for a third straight month, customs data showed on Tuesday, hitting their highest since March, as demand for the metal rose after the easing of a power crunch that had dented industrial production. Arrivals of unwrought copper and products into the world"s top consumer of copper stood at 510,402 tonnes last month, the General Administration of Customs said. That was higher than 410,541 tonnes in October but still down 9.1% from a year earlier. Activity in China"s copper-intensive manufacturing and construction sectors picked up in November as widespread power rationing and a surge in prices of raw material eased. read more However, customs told companies including copper importers last month it would temporarily stop issuing value-added tax (VAT) invoices as it sought to defer some tax revenue into 2022. That put buyers off bringing in some metal, fearing they would not be able to reclaim a 13% VAT deposit until next year. read more Refined copper stocks in Shanghai bonded warehouses fell almost 17% in November and now stand at just under 170,000 tonnes, their lowest in records dating to 2013. Copper imports in the first 11 months of 2021 were down 19.9% on the year at 4.94 million tonnes, with last year"s record inbound shipments of 6.68 million tonnes looking well out of reach. read more Arrivals of copper concentrate, or partially processed ore, were 2.19 million tonnes in November, customs said. That was the highest since at least December 2007, based on Reuters records, and up 21.9% from 1.797 million tonnes in October. Copper miners in talks with smelters on 2022 contracts are closely watching China"s concentrate imports, with a looming shutdown of the Las Bambas mine in Peru set to hit supply. read more China"s exports of unwrought aluminium and products were 509,318.50 tonnes in November, customs said. That was the highest level since March 2020, and up 6.2% from 479,559.10 tonnes in October and up 20.1% on the year.

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