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China Copper Cathode Output Increased 4.5% MoM in November
2021-12-6
China’s copper cathode output stood at 825,900 mt in November, up 4.6% month on month and 0.5% year on year
The power rationing across China was basically ended in November. The smelters in Shandong and Guangxi fully resumed the production from power rationing. The production in Jiangsu and Zhejiang were slightly restricted in early November, but recovered rapidly. The total copper cathode output in November basically recovered to the level before the power rationing.
Jiangxi Copper was under maintenance, but it had sufficient stocks of blister copper. The two smelters in Guangxi basically resumed the production from maintenance. The output reduction was basically in accordance with the market expectations.
As for the raw materials, China’s imports of blister copper continued to stand low due the the riots in Africa, the shortage of containers at ports, and the global supply chain problems. Some smelters in the coastal provinces could not produce at full capacities for lack of blister copper. The major ports in north China were mostly closed under COVID-19 related control and prevention. The smelters in north-west China could not increase the use of copper cathode, which also dragged down the copper cathode output.
The sulphuric acid prices fell rapidly in the Yangtze River Basin of central China, so the smelters were less willing to produce, and the total output of copper cathode in November could not rally to the level in Q2.
The shortage of blister copper and logistic problems at major northern ports will not be alleviated significantly in December, but the production of refined copper will be less affected. Some smelters will rush to produce at the end of the year for the annual output goal, and most smelters will complete the maintenance. The output is expected to return to more than 850,000 mt in December.
The power rationing across China was basically ended in November. The smelters in Shandong and Guangxi fully resumed the production from power rationing. The production in Jiangsu and Zhejiang were slightly restricted in early November, but recovered rapidly. The total copper cathode output in November basically recovered to the level before the power rationing.
Jiangxi Copper was under maintenance, but it had sufficient stocks of blister copper. The two smelters in Guangxi basically resumed the production from maintenance. The output reduction was basically in accordance with the market expectations.
As for the raw materials, China’s imports of blister copper continued to stand low due the the riots in Africa, the shortage of containers at ports, and the global supply chain problems. Some smelters in the coastal provinces could not produce at full capacities for lack of blister copper. The major ports in north China were mostly closed under COVID-19 related control and prevention. The smelters in north-west China could not increase the use of copper cathode, which also dragged down the copper cathode output.
The sulphuric acid prices fell rapidly in the Yangtze River Basin of central China, so the smelters were less willing to produce, and the total output of copper cathode in November could not rally to the level in Q2.
The shortage of blister copper and logistic problems at major northern ports will not be alleviated significantly in December, but the production of refined copper will be less affected. Some smelters will rush to produce at the end of the year for the annual output goal, and most smelters will complete the maintenance. The output is expected to return to more than 850,000 mt in December.
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