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In March 2023, China imported 2.02 million mt of copper ore and concentrate in physical content, down 7.5% year-on-year and 11.22% MoM. The import volume totalled 6.66 million mt in physical content in the first three months of 2023, up 5.2% on the year.
China's imports of copper anode stood at 80,500 mt in March 2023, down 18.09% month-on-month and 18.79% year-on-year. The imports totalled 289,400 mt from January to March, down 16.31% YoY.
As of last Friday, Yangshan copper premiums with a quotation period in May stood at $18-33/mt under warrants during April 24-28, with the average up $2.5/mt from a week earlier. Those stood between $36-50/mt under bill of lading with a quotation period in May, with the average up $3/mt. As of April 28, the SHFE/LME copper price ratio stood at 7.85, and import losses stood at 100 yuan/mt.
An Indonesian cabinet minister said on Wednesday that Indonesia has cut tax incentives to limit investment in low-quality nickel products.
Domestic zinc inventories declined significantly amid active downstream stockpiling, while overseas demand was sluggish, driving inflows of spot cargoes into China.