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Beijing’s response to punitive US tariffs could create yet another headache for Chinese copper smelters, already grappling with a shortage of raw materials and plummeting profits.
LONDON (Reuters) -China's imports of refined copper fell to a four-year low in the first six months of 2023, underlining the sense of stalled momentum in the world's manufacturing powerhouse.
These come from a clutch of producers permissioned to toll-treat raw materials and export refined copper without paying the 15-percent export tax.
Chinese top copper smelters agreed in a meeting on Wednesday to cut production at some loss-making plants to cope with a shortage of raw material, two sources close to the matter said.
The fact that London copper, currently trading around $5,815 per tonne, is virtually unchanged on the start of the year says much about the on-again-off-again nature of these talks. The continued ...
The stoppage could mean the release of copper raw materials to the market, which has faced unprecedented shortages this year.
China’s huge copper imports are offset against a smaller outbound flow of metal mostly produced under raw materials tolling contracts.