China's refined copper imports fell about 8 to 9 percent in March from the previous month, as high international prices made the industrial metal more expensive, traders estimated this week. But the country exported more primary aluminium, they said, as a 10-year high in world prices more than offset a 5 percent export tax and the removal of a value-added tax rebate.
China's refined copper imports were close to 100,000 tonnes in March, the traders estimated, compared with 109,540 tonnes in February and 113,434 tonnes in January.
They said some copper delivered to China's bonded warehouses did not enter the country last month - when international prices were higher than those in the domestic market - and was instead diverted to buyers elsewhere in Asia.
February imports were also lower than normal due to the Lunar New Year holiday, when Chinese companies usually reduce incoming and outgoing shipments.
Chinese customs will issue a detailed breakdown of March imports and exports on April 21.
Preliminary data released on Wednesday showed China, which consumes about one-fifth of the world's copper, imported a total of 116,699 tonnes of copper against 121,627 tonnes in February. These numbers include anode, refined copper and copper alloys.
Copper hit its previous all-time high of $3,308 a tonne on March 31 and set a fresh peak on Tuesday at $3,338.
Last month's lower imports, and the purchase of 10,000 tonnes of spot copper by the State Reserves Bureau, have tightened supply of the industrial metal in Shanghai.
China's refined copper exports stayed at low levels last month, traders said.
Despite Beijing's measures to cool its energy-intensive aluminium sector, China shipped more primary aluminium in March to take advantage of prices that hit a 10-year high of $2,016 a tonne on March 11.
China was expected to have shipped about 130,000 tonnes of primary aluminium in March, traders said, against 77,123 tonnes in February and 114,930 tonnes in January.
"It's about double February's total," said one trader, referring to March exports. "Many smelters made the shipments in early March."
Traders said Chinese fabricators had increased imports of primary aluminium only slightly, as local prices were weak in March. Imports were around 30,000 tonnes, against 23,735 tonnes in February, they estimated.
Preliminary customs data showed China imported a combined 49,502 tonnes of primary aluminium and aluminium alloys in March and exported 159,526 tonnes.
Benchmark three-month London Metal Exchange copper and aluminium prices had retreated to around $3,160 and $1,870 a tonne respectively by Friday morning.
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