October 13 (Reuters) – Shipped in the Coronavirus epidemic arrived in September, China, the country’s largest steel consumer, importing Chinese copper.
Key points: * China Sept Copper imports 3% m / m to 406,016 T * China Sept oil oil imports at 15% y / y to 41.05 mln T * China Sept. natural gas imports 22.6% y / y 10.62 mln T * China sept steel imports fall 1.9% m / m to 95.61 million T *
First Table of Commodity Business Information
Analysis of commodity data is provided below. Copper comments: HE TIANYU, CRU COPPER ANALYST: “Logistics delays and open arbitration window pushed imports. When the window opened in August, a lot of shopping took place. For China, restrictions on copper consumption are relatively small, mainly affecting small and medium-sized producers. It should not affect long-term consumption, it should have a greater effect on aluminum and steel.
Comment on iron ore: ATILLA WIDNELL, Managing Director, Maritime Commodity Commodities – “We expect Australian and Brazilian steel shipments to remain in good shape for the rest of the year. With China’s explosion furnace capacity rates ahead of the Beijing Winter Olympics near the current year-over-year low, we expect this to lead to material construction in port facilities in the next few months.
Links – See the official Customs website (www.customs.gov.cn) for details – China is the world’s largest importer and buyer of copper, coal, iron ore and soybeans.
Report on Asian Commodities and Energy Group; Edited by Christian Shemolling