Economic distress in importing countries due to the spread of COVID-19 pandemic as reduced China’s aluminium exports compared to a year ago. China’s export of unwrought aluminium and aluminium products in September fell by 2pc to 4,26,469mt from the prior year, but improved by 8pc from August, according to preliminary official customs data. In the Jan-Sept period, exports declined by 18.4pc from a year ago.
|China’s aluminium exports in September|
|(Unit: mt)||Sep-2020||Sep-2019||Change||Jan-Sep 2020||Jan-Sep 2019||Change|
|Unwrought aluminium & aluminium products||4,26,469||4,35,000||-2pc||35,61,191||43,65,868||-18.4pc|
|China’s copper imports in September|
|Unwrought Copper & Copper products||7,22,450||4,45,000||62pc||49,94,194||35,38,014||41.2pc|
|Copper ores & concentrates||21,38,000||15,81,000||35pc||1,63,59,000||1,59,85,000||2.3pc|
China is a leading consumer of copper in the world. Strong demand in China with better-than-expected economic growth is driving copper imports into the country. In September import of unwrought copper rose by 62pc from the prior September, while in the Jan-Sept period, imports rose by 41.2pc. Imports of copper ores and concentrates is also recovering and was up 35pc from the prior year.
Robust Chinese demand is boosting prices of copper as well as other base metals. Also concerns around possible strikes in Chilean copper mines has lifted LME Copper prices as worker’s unions negotiate new labour contracts with mine operators.