Chinese Jan copper imports surged 53.2% on the year, says customs data

BEIJING (Scrap Monster) : The country’s copper imports during January this year surged to record highs, said latest data released by the Chinese customs. According to data, China imported 536,000 tonnes of anode, refined copper, alloy and semi-finished copper products during the month.

The copper imports during January surged 53.2% when compared with the imports during the same month a year ago. The country’s copper imports during January 2013 had totaled 350,000 tonnes. Also, the imports during January this year went higher by 21% than the total imports of 441,291 tonnes in December.

Restocking ahead of Chinese Lunar New Year holidays accounted for the sudden surge in imports, said trade analysts. High level of imports could escalate the domestic stockpiles going forward, which in turn could affect the prices.

China had imported 3.2 million tonnes of refined copper during entire 2013.

Meanwhile, customs data also showed that iron-ore imports by the country too rose significantly during January. The country’s iron ore imports jumped 18% over the previous month to touch 86.84 million tonnes. The iron-ore imports were boosted by ramped up crude steel production by the country ahead of holidays. The daily crude steel output by Chinese mills had touched highs of 2.007 million tonnes during mid-January.