[SMM Analysis:In 2025, China’s total copper concentrate imports exceeded 30 million tons, yet geopolitical risks intensified supply chain shifts.] It is worth noting that in recent years, major global copper-producing countries have increasingly strengthened control and strategic competition over key mineral resources, leading to significant volatility and uncertainty in the international copper supply chain. As the world’s largest copper consumer, China’s copper concentrate import sources are influenced by multiple geopolitical and trade policy factors.

As of January 20, 2026, the full-year import data for copper cathode in 2025 has been disclosed. According to data compiled by SMM from the General Administration of Customs, EQ copper cathode (referring primarily to copper cathode not registered with the SHFE or LME, as well as a small portion of registered cathode still traded as EQ in the domestic market) accounted for 67.54% of China's total imports in 2025, an increase of 5.37 percentage points compared to 2024.

According to SMM statistics, China's copper scrap imports reached 2.3427 million mt in physical content in 2025, up 4.1% YoY. Among copper ingot imports, copper ingot imports stood out significantly, reaching 459,000 mt in physical content, up 67.6% YoY.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 23 Jan , 2026

From 2021 to 2025, China's phosphate ore imports exhibited post-pandemic characteristics, with a substantial increase in volume. Imports surged from 65,000 mt in 2021 to 2.0683 million mt in 2024, driven by rising domestic phosphate ore prices and the opening of import opportunities, which heightened import reliance among enterprises purchasing externally along rivers and coastal areas. Although imports pulled back to 1.7198 million mt in 2025, reducing import dependence, high-quality phosphate ore remains a scarce resource in the long term. With growing new energy demand, imports have jumped accordingly, and are projected to maintain an annual volume exceeding 2 million mt over the next five years.

Downstream battery producers showed lukewarm stockpiling intentions before the Chinese New Year, and finished product inventories at secondary lead smelters remained under pressure. Meanwhile, prices of waste lead-acid batteries stayed high and were slow to decline, making it difficult for smelters to alleviate cost pressures. Loss-making conditions dampened production enthusiasm among secondary lead smelters, and most enterprises have already formulated holiday plans. According to SMM, some secondary lead enterprises scheduled their holidays around 5 days earlier YoY compared to last year.