March Copper Cathode Rod Exports Show Optimistic Growth, Monthly Exports Approaching Historical Highs [SMM Analysis]

       After a significant YoY increase in copper cathode rod exports from January to February 2025, the export volume of copper wire rods continued to show strong growth in March 2025. The specific data are as follows:

       According to customs statistics, both the total volume and the export volume of copper cathode rods (>6mm) under processing trade increased significantly in March. The total export volume of copper cathode rods (>6mm) in March was 6,791.68 mt, up 35.82% MoM and 35.82% YoY. In terms of specific export trade modes, the export volume of copper cathode rods (>6mm) under processing with imported materials in March 2025 was 5,849.80 mt, up 17.7% MoM and nearly 36 times YoY. The export volume under processing trade with supplied materials increased from 0 to 554.97 mt. The third-largest export trade mode in March was export goods for contracted projects, all of which were driven by projects from Beijing to Malaysia. The export volume under ordinary trade was 77.38 mt, up 15 times MoM but down 98.4% YoY.

       Looking at the export situation of copper cathode wire, the export volume of copper cathode wire (≤6mm) in March 2025 also showed optimistic growth. The total export volume of copper cathode wire (≤6mm) in March was 7,934.29 mt, up 59.90% MoM and 52.67% YoY. In terms of specific export trade modes, the export volume of copper cathode wire (≤6mm) under processing with imported materials in March 2025 was 5,461.69 mt, up 67.65% MoM and 21.6 times YoY. The export volume of copper cathode wire (≤6mm) under processing trade with supplied materials was 142.6 mt, up 8.4 times MoM and 2.3 times YoY. The second-largest export volume of copper cathode wire (≤6mm) in March was under entrepot trade by customs special control area, at 1,622.51 mt, up 38.83% MoM and 10.6 times YoY. Additionally, the export volume under ordinary trade was 695.93 mt, up 34.95% MoM but down 85.22% YoY.

       It is worth noting that in March 2025, there were significant export volumes of copper cathode rods and wires under ordinary trade or entrepot trade by customs special control area. According to SMM analysis, most of these were high-value-added products that could cover tax costs.

       In summary, due to the market's active adjustment to processing trade exports, not only did the export volume exceed expectations, but the shift to processing trade also helped maintain stable export volumes, reducing the impact of import profit/loss fluctuations on export business. Meanwhile, the export volumes of copper cathode rods and wires in March were already approaching the highs of April last year. SMM expects the copper cathode rod export market in 2025 to remain relatively optimistic.