SMM

In October 2024, China's copper plate/sheet and strip imports hit a new high for the year, up 12.15% YoY and up 13.02% MoM. Cumulative imports from January-October 2024 increased by more than 20% YoY. From the import structure, China's copper plate/sheet and strip import growth remains concentrated in high-end copper semis, with limited growth in ordinary strips. High-end copper-tin alloy, copper-nickel-silicon alloy strips, or special coated and special-sized copper strips are the main contributors. In recent years, as the concentration of China's copper plate/sheet and strip industry has increased, the trend of product differentiation has become more apparent. From the growth in the share of copper plate/sheet and strip consumption in the transportation sector in 2024, future demand for high-end coated copper plates and strips is expected to continue growing.

On the export side, in October 2024, China's copper plate/sheet and strip exports increased by 32.48% YoY. By export destination, Japan, South Korea, and Southeast Asia showed significant growth, while exports to Europe declined due to logistics reasons. Emerging economies' demand for electricity, construction, and transportation sectors further expanded, and raw material demand increased due to the relocation of some domestic end-user factories.

Looking ahead, influenced by the new copper semis export policy, data shows that plate/sheet and strip enterprises still primarily use Ordinary Trade for exports. As a result, some plate/sheet and strip enterprises may export volumes in advance by year-end 2024. Additionally, the SHFE/LME price ratio opening up is expected to drive import demand. It is anticipated that copper plate/sheet and strip imports and exports will both increase MoM in November 2024.