Copper imports to China increased by almost two-fifths last year, breaking historical records. China imported more of this metal than in 2018, when its imports were the highest ever. A similar development occurred with iron ore.
China imported 4.4 million tons of copper last year, about a million tons more than in 2018, when china’s record for importing the metal fell. Year-on-year, China imported about 38 percent more copper than in 2019. China is thus catching up on what it “neglected” last year because of the consequences of the coronavirus pandemic.
But demand for copper and other industrial metals is growing not only in China, but also in other countries that are recovering economically from the health crisis. And it is safe to assume that demand growth will increase further in the rest of this year.
The hunger for industrial metals has already melted into a rise in their prices. Copper is currently almost 115 percent more expensive than it was last year, when its price was at its lowest. Since the beginning of this year, it has already increased by almost 30 percent. A similar development occurred in the case of iron ore and its products. Industrial enterprises in Europe are already suffering, which must therefore increase their production and extend delivery times.
