China Palladium imports shoot up 60% in October; Silver up 2.3%
SHANGHAI (Scrap Register): Chinese customs data show the country imported more silver and palladium last month than in October 2016, but less platinum, pointed out Commerzbank.
Chinese silver imports of 360 tons were a year-on-year rise of 2.3%. After 10 months, Chinese silver imports totaled 3,490 tons, not only putting those 34% up on the same level last year but actually exceeding the figure for the whole of last year, Commerzbank added.These points to high Chinese demand for silver for industrial applications.
Chinese palladium imports rose 60% year-on-year to 2.3 tons in October, although at 17.2 tonnes over the first 10 months of the year, they are 6% behind the same period last year.
“That said, after getting off to a weak start to the year, they have been catching up every month since,” Commerzbank said. “This is probably due in part to the better car-sales figures again in China.”
Meanwhile, platinum imports in October fell 14% year-on-year to 5.9 tonnes, although they were nearly 11% higher 10 months into 2017 at 64.2 tons. The lead on last year has been dwindling since mid-year, however, which points to subdued jewelry demand in China.