SHANGHAI Chinese copper imports fell 27.2 percent year on year and 7.4 percent month on month in April as open arbitrage failed to draw in enough shipments.
April imports of unwrought copper and copper fabricated products totaled 295,799 tonnes, according to preliminary Chinese customs data released May 8.
Copper scrap imports slipped to 340,000 tonnes in April, down 4.6 percent year on year and 2.9 percent month on month.
"While spot import arbitrage opened in late February, imports did not show a commensurate increase," according to Sijin Cheng, a Singapore-based analyst at Barclays Bank Plc, London.
Tight scrap supply due to lower copper prices and stricter customs inspections prompted some smelters to cut output in late April, Cheng said.
A version of this article was first published by AMM sister publication Metal Bulletin.