China’s Copper Semis Imports And Exports Show Significant Changes
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A recent report by Shanghai Metals Market highlights a significant decline in China’s copper semis imports and exports for January 2023. While there was a decrease in imports across all copper semis products, exports increased for plate/sheet and strip.
Copper semis imports for January 2023 fell 33.41% month-on-month (MoM) and 47.41% year-on-year (YoY) to 22,000 metric tons (mt). Meanwhile, exports were estimated at 31,500 mt, down 36.18% MoM and 55.82% YoY. Shanghai Metals Market attributed the sharp decline in copper semis imports to the Chinese New Year holiday.
Import Volume
According to customs data, imports fell across all copper semis products. Copper rods and copper wires saw a decrease of 23.7% YoY, copper strips decreased by 21.9%, the copper foil was down by 21%, and copper pipes fell by 17.5%. SMM expects this trend to continue in 2023, given the high quality of domestic copper semis products that reduce the reliance on overseas products.
Export Volume
Export volumes increased for copper plate/sheet and strip, with a surge of 25% YoY. SMM attributed this to the remarkable improvement in domestic quality and stronger overseas demand. Export volumes increased by 2% YoY for copper rods and copper wires and by 1% for copper foil. However, copper pipes exports fell by 2% YoY.
Outlook For 2023
The report suggests that domestic demand for copper semis products will recover due to policy stimulus. However, overseas demand is expected to recover at a slower pace. The European economy and the US economy may experience a recession due to households tightening their belts. The Shanghai Export Containerized Freight Index (SCFI) also reflects the decline in exports, standing at 1,006.89 as of 3 February 2023, a drop of 5.1% from the beginning of January 2023.
Insight
China’s copper semis imports and exports show a significant decrease in January 2023. While imports fell for all copper semis products, exports increased for plate/sheet and strip. The report suggests that domestic demand will recover in 2023, but overseas demand may take longer to recover.
Read More – Copper Stocks Show Mixed Trends In Mainstream Chinese Markets
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