BEIJING: China’s copper imports in April fell 12.5% from the prior year, customs data showed on Tuesday, as weak demand and high domestic production of the metal weighed down buying appetite.
Imports of unwrought copper and copper products totalled 407,294 tonnes in April, according to data from the General Administration of Customs.
The purchases, which included anode, refined, alloy and semi-finished copper products, compared with imports of 465,330 tonnes in April 2022.
The metal is used widely in the construction, transportation and power sectors.
Shanghai copper rises on low stockpiles
April saw softening copper demand, with the world’s second-largest economy dealing with subdued global demand and persistent weakness in its domestic property market.
In addition to an unexpected contraction in April manufacturing activity, a patchy economic recovery was also underlined by a double-digit slump in Chinese industrial firms’ profits in the first quarter.
Shrinking orders and lower profits forced many copper products producers to cut their production in recent months.
Import activities also slowed down because of rising domestic supply. Production of refined copper rose to a record of more than 1 million tonnes in March.
With the surge in domestic refined copper output, imports of copper ore and concentrate last month was 2.1 million tonnes, up 11.7% a year ago.
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