China will continue to grow imports of copper concentrate

Throughout 2014, imports of copper concentrate rose sharply in the country. According to customs data, China imported 11.87 million tonnes of copper concentrate in 2014, which represents a 17.75 percent increase in imports over 2013.

Copper concentrate imports to China in December last year alone totaled 1.17 million tonnes, up 12.52 percent year on year and 16,000 tonnes up from November. The high price of copper scrap has pushed some smelters to use blister copper instead of recycled raw materials. In addition, the emerging boom in the production of refined copper continues to create incentives for the consumption of copper concentrate.

China's refined copper production reached its own all-time high in December 2014, clearly maintaining an upward trend in 2015. If this continues, the peak in copper imports may even continue to rise, providing an increase in concentrate imports among the major players.

Foreign miners actively pursued year-end sales to reduce inventories and meet commitments under long-term contracts last year. In addition, small factories in China have also selectively increased purchases. However, multiple storms in South Africa and Madagascar at the end of the year delayed concentrate shipments, preserving potential growth in imports to China this year.