Australian copper concentrate cargoes diverted, swapped amid China's ‘unofficial import ban’

Australia-origin copper concentrates bound for China are being diverted on the water and ahead of shipment next year, after Chinese buyers were reportedly told to comply with an “unofficial order” to restrict the material's entry this week.

Europe, Japan, India and Southeast Asia have been tabled as potential alternative destinations to receive offers of the concentrates, either by spot sales or through swaps for China-deliverable qualities, at this crucial time of annual contract negotiations.
Several major participants in China’s copper market told Fastmarkets that Australian copper concentrates cargos arriving at Chinese ports after Friday November 6 risk not being cleared by customs for entry to the country.

Cargoes that make the trip but arrive too late are likely to incur losses with material...

Published

Archie Hunter

Julian Luk

November 05, 2020

03:44 GMT

Hong Kong, London