In 2024, Non-Registered Imported Copper Cathode in China Will Account for Over 60%! [SMM Analysis]

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       In 2024, China's total imports of copper cathode reached 3.7389 million mt, an increase of 6.49% YoY. SMM compared the sources of copper cathode from major non-registered (not registered with LME or SHFE) producing countries, and the proportion of non-registered copper cathode in China's imports was 62.17% in 2024.

       Notably, in December, China's imports of copper cathode amounted to 370,400 mt, of which non-registered sources accounted for 253,500 mt, representing 68.43% of the total.

       Throughout the year, the top three non-registered copper cathode producing countries imported by China in 2024 were the DRC, Russia, and Kazakhstan. The imports from these three countries totaled 1.977 million mt, accounting for 52.88% of the total imports.

       With the increase in non-registered imports and the growing acceptance of such sources in the Chinese market downstream, the prices of non-registered sources have risen year by year. According to SMM data, the annual average price of non-registered sources in the domestic trade market in 2024 was approximately 94 yuan/mt lower than the SMM hydro copper price and about 156 yuan/mt lower than the SMM standard-quality copper price. It is understood that in 2025, the domestic trade market contracts for non-registered copper cathode sources are generally priced at around 150 yuan/mt below the SMM standard-quality copper price, with variations depending on brand and delivery date.

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