BEIJING (Commodity Online): In a change from its normal course, China imported less copper in August. The refined copper imports of the country stood at 219,700 tonnes in August from 292,200 tonnes in July.
Imports of primary aluminium to China, the world’s top copper and aluminium consumer, dropped to 117,213 tonnes in August from 131,724 tonnes in July.
Chinese copper and aluminium prices stayed lower than the cost of imports last month following increased domestic stocks resulting from record inflows in the first half of the year, cutting spot buying from merchants and speculators.
Meanwhile, strong demand from China in the third quarter has forced Australia’s government forecaster to boost production expectations for most mineral commodities.
This comes as the nation’s resources sector shows signs of a quicker-than-expected return to growth.
In its most recent quarterly report, the Australian Bureau of Resource Economics boosted its 2009-2010 export forecasts for iron ore and thermal coal by more than 10 per cent.
As well as demand fuelled by China’s stimulus packages, ABARE said it expected developed countries to boost consumption of energy and mineral commodities over the next 15 months based on expected stronger growth.
ABARE boosted its 2010 global iron ore import forecast to about 1 billion tonnes, up from a June estimate of 885 million tonnes.
Australian iron ore exports are expected to rise to a record 381 million tonnes this financial year, up from the June forecast of 338 million tonnes.
Thermal coal, which is lower quality than coking coal and used in power stations, has also had an upgrade in 2009-2010 export expectations, despite an expected slowing in Chinese imports.
Imports from China and India surged in the first half of this year on supply constraints despite the global slowdown.
In China, a mix of lower prices, safety and environmental issues slashed supply from smaller mines, leading to an expected 69 per cent jump in 2009 thermal coal imports to 60 million tonnes.
