China’s Copper Imports Decline in 2023
By Shubhendra Anand , 15 November, 2023
The world oil market suffered from supply cuts in 2023 as major oil producers Saudi Arabia and Russia cut supplies. China's market shows recovery signs in the manufacturing sector as per the survey reports in September 2023. China's unwrought copper supplies declined by 9.5 percent in 2023.
Based on the survey conducted by Purchasing Managers, the Chinese manufacturing market shows the initial signs of recovery with the factory activity. China imported larger volumes of crude oil in September 2023. In contrast, other energy commodity imports remain higher, and imports of copper (unwrought) also remain higher in September 2023. According to NASDAQ, copper imports declined by 5.8 percent in September 2022 due to robust domestic production and lesser demands reduced overseas supplies. Compared to 2022, China's unwrought copper and copper products declined by 9.5 percent to 3.99 million tons for the first time in 2023. Unwrought copper is used in various sectors, such as construction, power, transportation, and others. Together, these sectors made up 480,426 metric tons of imports of unwrought copper in September 2023, as per the survey data. The survey also considered refined, alloy, anode, and semi-furnished copper. As consumer spending grows, orders from electric vehicles, solar & wind sectors, home appliances, and others see a rising demand for copper.
The domestic production of copper in China will be firm in 2023; therefore, increased production levels will result in rising copper ore and concentrate consumption. Thus, China's copper imports have fallen due to robust domestic production in 2023.
Latest News
The climate change issue is necessary since the global clean energy transition has emerged. Green energy transformation requires specific environmental changes strictly followed by the industrial sectors. However, global warming can reduce the…
Solid-state batteries have not been in use for a long time. However, the rising demand for electric vehicles in the automotive market may revamp the sulfur content of solid-state batteries. There are many advantages of sulfur in solid-state…
Artificial intelligence is enhancing the tech industry nowadays. In the past years, artificial intelligence has played a pivotal role in functioning cloud computing and other tech industry infrastructure. One of the bug techs, Microsoft, is investing…
Renewable energy is considered as an alternative to fossil fuels. Nations are replacing fossil fuels with renewables to achieve sustainability in the environment. Renewable energy sources regulate specific sectors like electricity, transportation…
In the industrial applications and production sector, sustainability will play a significant role in 2024. Industries are growing interested in adopting sustainable approaches in light of the clean energy transition. The aviation industry in 2024…
Head Research