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Impact on Asia of US’ Iran copper, aluminum sanctions limited: traders

Traders in Asia said Thursday the impact of US sanctions on the Iranian copper and aluminum sectors would be marginal as Iranian exports to the region were limited.

US President Donald Trump Wednesday signed an executive order imposing sanctions on the Iranian aluminum and copper sectors, the country’s largest non-petroleum source of export revenue, responding to US national security interests, a White House statement said.

China imported 314,181 mt of copper concentrate from Iran in 2018, which accounted for 2% of its total imports of 20 million mt, according to General Administration of Customs data.

China’s copper cathode imports from Iran in 2018 were 15,230 mt compared with its total imports of 3.3 million mt.

Japan and South Korea imported no concentrate or cathode from Iran in 2018, their customs data showed.

Japan imported 41 mt of scrap copper from Iran in 2018.

Iran’s aluminum exports were negligible. In 2018, China imported 160 kg of aluminum foil from Iran.

One international trader, however, said though Iran is not a major copper producer, there may be ripple effects in the tight copper concentrates market.

Some copper concentrates from Latin America have a high arsenic content which smelters could not use, raising spot demand for standard copper concentrate.

“Even more tightness for Chinese smelters which rely on spot concentrate supplies,” he said.
Source: Platts

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