China's Copper Anode Imports Up Both YoY and MoM in March, with Africa as the Main Growth Driver [SMM Analysis]

Published: Apr 21, 2026 15:36

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SMM Analysis: According to data from the General Administration of Customs, China imported 68,800 mt of copper anode (HS code: 74020000) in March 2026, up 20.97% MoM and up 37.10% YoY...

SMM April 21 News:

According to data from the General Administration of Customs, China imported 68,800 mt of copper anode (HS code: 74020000) in March 2026, up 20.97% MoM and up 37.10% YoY. Cumulative copper anode imports from January to March 2026 totaled 190,500 mt, up 11.74% YoY cumulatively.

By country, China imported 32,800 mt of copper anode from Zambia in March 2026, accounting for 47.73% of total imports, up 39.51% MoM and up 72.92% YoY. Imports from the DRC were 10,400 mt, accounting for 15.18%, up 8.24% MoM and up 75.66% YoY. Imports from Chile were 7,100 mt, accounting for 10.31%, down 18.51% MoM and down 29.00% YoY.

By trade mode, China imported 37,100 mt of copper anode via Ordinary Trade in March 2026, 26,500 mt via processing trade with imported materials, 4,200 mt via Entry and Exit Goods in Bonded Control Areas, and 1,000 mt via Entrepot Trade by Customs Special Control Area.

Regarding copper scrap ingots, China imported 44,700 mt of copper scrap ingots (red/purple copper ingots) (HS code: 74031900) in March 2026, down 12% MoM and up 4% YoY. Cumulative imports of copper scrap ingots (red/purple copper ingots) from January to March 2026 totaled 142,100 mt, up 32% YoY cumulatively.

China's copper anode imports grew both YoY and MoM in March. In addition to import price ratios and seasonal factors, the main reason was that copper anodes from the Kamoa copper smelter in the DRC (with a crude smelting capacity of 500,000 mt/year), which commenced production at year-end 2025, arrived in China.

Entering Q2, the price difference between copper and scrap narrowed. Coupled with policy disruptions in the secondary copper industry, China's scrap-derived blister copper and copper anode supply declined, and blister copper RCs in China plunged sharply to around 1,000 yuan/mt. Demand for imported copper anodes is expected to rise. Meanwhile, after Kamoa reaches full production, its shipments will continue to arrive at ports in concentrated volumes from April onward. Therefore, China's copper anode imports are expected to grow in Q2. However, due to rising energy costs, issues such as electricity and transportation capacity in Africa may remain destabilizing factors.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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