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Copper April 25, 2014 03:30:42 AM

China to soon become net exporter of refined copper: Minmetals

Paul Ploumis
ScrapMonster Author
According to China Minmetals H.K (Holdings) limited- a leading non-ferrous metals resources-oriented company

China to soon become net exporter of refined copper: Minmetals

BEIJING (Scrap Monster): According to China Minmetals H.K (Holdings) limited- a leading non-ferrous metals resources-oriented company, the country could become a net exporter of refined copper in one to two years time. The Chinese firm believes that the imports of refined copper may recede significantly. Meanwhile, the country may still need to import copper concentrate.

Xiaoguang Jin, the company’s Vice President, while attending an industry conference in Hong Kong, told reporters that the country’s copper capacity is sufficient to meet the domestic demand and the country could soon be able to sell its copper to international markets.

Meanwhile, the imports of copper by Chinese steel mills and fabricators surged higher during the month of March this year, primarily on the back of multi-year low prices. Copper prices had fallen over 5% in March alone, hitting a three and a half year low.

According to customs data, the country’s total imports of copper in March this year were up 10.8% from the previous month. The copper imports totaled 420,000 tonnes during March. The imports of copper during the first quarter of 2014 totaled 1.33 million tonnes, 37% higher when compared with the imports during the same quarter a year ago.

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