Chart of the Week
Much attention is being paid to the importance of non-Chinese volumes in GDT at the moment, with questions raised as to whether this is sustainable. It is important to recognize that while China was importing significantly more in the first half of 2022, the rest of the world was well below trend imports.
12 mth rolling imports of WMP+SMP+AMF+FFMP
This has left them in an understocked position, and this is now being reflected in a larger participation in GDT. While their percentage participation in GDT is higher than usual, it must be remembered that this is against a reduced volume being made available to the GDT platform. The actual metric tonne WMP purchasing by non-Chinese buyers is still well behind the last few years and only just starting to catch up, as the chart below highlights. This suggests non-Chinese participation can continue at a strong rate.
Season to date non-China buyers WMP volumes
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