SMM June 23 News:
According to data from the General Administration of Customs, China imported 68,700 mt of copper anode (HS code: 74020000) in May 2026, down 5.48% MoM and 1.04% YoY; cumulative imports from January to May reached 331,900 mt, up 6.92% YoY.
By country, imports from Zambia stood at 36,200 mt, accounting for 52.73% of the total, up 3.50% MoM but down 6.14% YoY; from the DRC at 15,500 mt, 22.60% share, up 13.97% MoM and 175.16% YoY; from Chile at 3,100 mt, 4.48% share, down 36.14% MoM and 66.17% YoY.
By trade mode, imports via Ordinary Trade reached 33,200 mt; processing trade with imported materials 28,200 mt; Entry and Exit Goods in Bonded Control Areas 4,200 mt; and Entrepot Trade by Customs Special Control Area 2,900 mt.
In terms of copper scrap ingots (red/purple copper ingots, HS code: 74031900), China imported 33,800 mt in May, down 25% MoM and 7% YoY; cumulative imports from January to May totaled 221,200 mt, up 15% YoY.
In May, China's copper anode imports declined both YoY and MoM. With the Kamoa copper smelter reaching full production, its anode output gradually entered China, driving sustained growth in imports from the DRC. Meanwhile, the import price ratio inversion in April led to a significant drop in shipments from Chile.
From May to June, profit margins on imports remained relatively small, and a copper anode smelter in Zambia underwent maintenance from early May to end-June, compounded by domestic smelters controlling inventory levels at the mid-year point in June. Additionally, entering Q3, local crude smelting capacity in Zambia will face concentrated maintenance, and China's copper anode imports after June are expected to remain low.
