Record copper ore imports to China ease domestic market pressure

Bloomberg reports that China imported a record 3 million tons of copper concentrate last month, easing pressure on domestic prices and helping smelters facing a global ore shortage.

Melting plants worldwide are struggling with limited supply as capacity continues to expand, a trend that is pushing down copper prices. This issue is most pronounced in China, according to experts cited by the agency.

Despite increased competition from the US for copper supplies and a slowdown in China’s economic growth, domestic demand for the metal remains strong. In this context, higher imports by the Asian giant have supported the industry. Additional concentrate from Indonesia’s PT Freeport and reduced demand from Glencore’s now-idled Philippine plant have also benefited the country’s smelting capacity. Chinese companies have secured more long-term contracts this year, as noted by Li Chengbin, an analyst at Mysteel Global.