Chinese copper imports touch 20 months low in February
Metal Recycling News | 2013-03-11 03:42:18
According to the latest data released by the Chinese General Administration of Customs, the copper imports by the country during the month of February has fallen sharply to touch the lowest point in 20 months.
By Paul Ploumis
BEIJING (Scrap Monster) : According to the latest data released by the Chinese General Administration of Customs, the copper imports by the country during the month of February has fallen sharply to touch the lowest point in 20 months.
The imports of refined copper, alloy and semi finished products during February 2013 were 298,102 tons. The imports have slumped hugely when compared to 484,569 tons imported during the same month a year ago. The net imports during January 2013 were 351,000 tons.
Experts say the data for the initial two months of 2013 cannot be compared to those of the previous year. The Chinese New Year holidays which mainly account for the decline in imports fell in January during 2012 where as it fell in February during 2013.
Not much change is visible in the spot market though. The data is expected to stabilize during the coming months.
The slow pace of customs activity owing to New Year holidays might also have resulted in drastic fall in imports during February. However, the local inventories remained high.
The data also indicates that the exports of copper have jumped by 21.8% during the month.
