According to the latest customs data, in July 2024, the export volume of copper cathode wire with a maximum cross-sectional dimension >6mm was 5,237 mt, down 20% MoM, up 27% YoY, indicating a positive overall export trend (HS Code 74081100).
The data shows that in July 2024, China's export volume of copper cathode wire with a maximum cross-sectional dimension >6mm achieved significant YoY growth. This growth trend has continued the positive momentum since the effective control of the pandemic, reflecting the strong pull of global economic recovery on the demand for Chinese metal products. Although the export volume of copper rod in July saw a certain degree of MoM decline, this is more a result of market cyclical adjustments and does not change the long-term growth trend of China's copper rod exports. Regarding export destinations, particularly in the Philippines and Thailand, which have long been the main destinations for China's copper rod exports, their demand remains stable, continuing to rank first and second.
Notably, in the first two quarters of 2024, the export volume of copper rod from China to South Africa was 60 mt. In July 2024, the export volume to South Africa reached 500 mt, a significant YoY increase (in 2023, China's copper rod exports to South Africa were 0 kg), showing the rapid growth in demand for Chinese copper rod products in the South African market. In recent years, the South African government has vigorously developed non-oil industries, especially with the advancement of new energy and industrial modernization projects, providing a broad application space for metal materials such as copper rod.
