Weak Market Consumption Performance and Low Spot Trading Activity [SMM North China Spot Copper]

[SMM Copper Import & Export Data] According to customs data, copper cathode imports in March 2026 totaled 234,600 mt, up 53.33% MoM but down 24.03% YoY; cumulative imports were down 29.79% YoY. Copper cathode exports totaled 58,200 mt, down 25.6% MoM and down 14.4% YoY, while cumulative exports were up 95.59% YoY.

【Latest Data from the General Administration of Customs】In March 2026, China's total copper wire rod exports were 25,500 mt, down 1.27% MoM and up 73.71% YoY. Exports of refined copper wire with a maximum cross-sectional dimension >6mm were 13,600 mt, down 21.73% MoM and up 100.86% YoY. Monthly exports of other refined copper wire were 11,900 mt, up 40.79% MoM and up 50.47% YoY. (HS code: 74081100, 74081900)

According to SMM’s recent on-the-ground survey, there has not yet been a significant shortage of sulfur or sulfuric acid supply in Zambia and the DRC, nor has there been any substantive impact on copper and cobalt smelting output in the two countries. Zambia remains largely self-sufficient in sulfuric acid, while supply pressure is concentrated in the DRC. At present, feedstock can still be procured normally in the DRC, although prices remain elevated and volatile, with delivered sulfuric acid prices ranging from USD 1,000–1,400/mt and peaking at USD 1,400/mt. Sulfur is quoted at USD 1,500–1,800/mt on a DAP basis and USD 2,300–2,500/mt on a DDP basis. There are sulfur inventories at the Port of Dar es Salaam, most of which are being held back by traders awaiting higher prices.