China`s 2012 copper imports hit record high of 3.4 mil mt on strong demand in H1
Source: www.chinamining.org Citation: Platts Date:Jan.25, 2013
China`s 2012 refined copper imports hit a record high of 3.4 million mt, crossing the previous record seen for 2009 at 3.19 million mt, the latest figures from the General Administration of Customs of China showed Tuesday.
The 2012 import volume was 20% higher than the 2011 volume.
"The higher import volume last year is mainly due to strong demand in the first half of last year from companies [which sought the material as collateral against loans]," He Xiaohui, a copper analyst with Antaike said.
"In the second-half of 2012, however, the [import volume] gradually returned to reasonable levels," he said.
Antaike forecast that China will import 2.8 million-2.9 million mt of refined copper in 2013, down from the 3.4 million in 2012, amid higher domestic production expected this year.
Unless companies try to get loans from banks using copper imports as collateral, "this year`s import volume will be less than last year," the Antaike analyst said.
A Hong Kong-based copper trader said: "Besides high domestic inventories, difficulty in getting LCs is another reason for discouraging imports ... it`s getting harder to [import nowadays] as the Chinese government [has tightened rules requiring buyers to provide] relevant [documents regarding] environment protection and country of origin [of the copper imports]."
Copper stocks at bonded warehouses in Shanghai hit 1 million mt as of end-December, double the March 2012 levels of 500,000 mt, Chinese media reported last Friday.
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