The big story of 2013: Huge growth in China metal ore, concentrate imports

2014-02-17

China's metal ores and concentrate imports rose sharply in 2013 with copper concentrate, bauxite and nickel bearing imports hitting all time highs, according to Barclays Research.

China's processing industry continued to expand and domestic producers built stocks to ensure against shortages due to factors such as the Indonesian ban on ore exports, Barclays said.

China's metal import highlights:

-Aluminium bauxite imports were up 79% year- on- year to a record of 71 Mt in 2013 with 70% comin g from Indonesia.

-China bauxite stocks should move into surplus in first half of 204 and hence dampen the need for imports. January data should show sharp fall in imports in January

-Copper concentrate imports shot to record high of 1.039 Mt in December as buyers took advantage of the big rise in TC/RC during the final months of 2013 and plentiful availability of concentrate.

-Present market balance suggests China's net copper refined copper import requirement will fall 14% this year, with much of the drop happening in H1 14

-Lead concentrate imports were 18% lower on annual basis in 2013 in view of surplus in market, imports may not recover soon

-Nickel concentrate imports rose 14% y-o-y, 58% came from Indonesia ahead of ban. China's estimated 30 Mt stock is sizeable enough to meet demand for modest rise in Nickel Pig iron output in first half of 2014.

-Zinc concentrate imports were up 3% y-o-y, imports could ease back in early 2014

- Net refined tin imports were weakest in 2013 and for the whole year, imports fell 54%

Source from : Commodity Online

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