China’s Copper Anode Imports Edged Up YoY in January-February 2026, with Growth Expected in Q2 [SMM Analysis]

SMM March 25 News:

According to data from the General Administration of Customs, China imported 64,900 mt of copper anode (HS code: 74020000) in January 2026, up 5.74% MoM and up 1.48% YoY; imports were 56,900 mt in February, down 12.33% MoM and up 0.81% YoY. Cumulative copper anode imports in January-February 2026 reached 121,700 mt, up 1.16% YoY.

By country, China imported 27,700 mt of copper anode from Zambia in January 2026, accounting for 42.68% of total imports, up 41.46% MoM and down 7.72% YoY; imports from Chile were 9,900 mt, accounting for 15.33%, down 10.35% MoM and down 16.09% YoY; imports from South Africa were 9,500 mt, accounting for 14.60%, up 110.91% MoM and up 127.00% YoY.

In February 2026, China imported 23,500 mt of copper anode from Zambia, accounting for 41.39% of total imports, down 14.98% MoM and down 20.01% YoY; imports from the DRC were 9,600 mt, accounting for 16.96%, up 22.00% MoM and up 169.07% YoY; imports from Chile were 8,700 mt, accounting for 15.31%, down 12.43% MoM and up 15.74% YoY.

As for copper ingot scrap, China imported 46,800 mt of copper ingot scrap (red/purple copper ingot) (HS code: 74031900) in January 2026, up 24% MoM and up 58% YoY; imports were 50,600 mt in February, up 8% MoM and up 46% YoY. Cumulative imports of copper ingot scrap (red/purple copper ingot) in January-February 2026 reached 97,300 mt, up 51% YoY.

China's copper anode imports edged up YoY in January-February 2026, but remained at relatively low levels in recent years. On the one hand, import arbitrage had been unfavorable earlier, while copper concentrates remained tight and supply outside China was relatively limited. On the other hand, as supply of scrap-derived blister copper and copper anode in China was ample in Q1 2026, spot trade blister copper RCs in China once exceeded 2,000 yuan/mt, giving it a significant advantage over imported blister copper.

However, as the price difference between primary metal and scrap narrowed, China’s secondary copper supply contracted, and domestic trade blister copper RCs trended downward, coupled with the commissioning at year-end 2025 of Kamoa Copper Smelter in the DRC (with annual blister capacity of 500,000 mt), China's copper anode imports are expected to grow in Q2 2026.