SMM Analysis: According to data from the General Administration of Customs, China's copper foil imports in May 2025 were approximately 8,692.39 mt, down 0.32% YoY but up 7.08% MoM. From January to May 2025, China's cumulative copper foil imports were approximately 39,075.96 mt, up 2.59% YoY...

[SMM Analysis:Optimistic Outlook for Raw Material Imports? A Storm Is Brewing ] Copper concentrate import data for May 2025 generally fell short of market expectations, especially import figures which dropped significantly from April's historical high. According to released data, China imported approximately 2.4 million tons of copper concentrate in May, a 18.09% month-on-month decrease and 5.8% year-on-year increase. This is slightly lower than the January-May 2025 monthly average import volume of 2.485 million tons. In May, China imported 69,000 tons of anode copper, down 6.48% month-on-month and 30.56% year-on-year, but higher than the January-May monthly average of 63,000 tons. Imported scrap copper stood at 18,500 tons in May, a 9.55% month-on-month decrease and 6.63% year-on-year decline, slightly below the January-May monthly average of 19,200 tons.

SMM Analysis: According to data from the General Administration of Customs, China imported 69,400 mt of copper anode (HS code: 7402000) in May 2025, down 6.48% MoM and 30.56% YoY...

According to data from the General Administration of Customs, China exported 12,108.06 mt of copper enamelled wire in May 2025, up 26.59% YoY and down 8.39% MoM. From January to May 2025, China exported a total of 57,364.21 mt of copper enamelled wire, with a cumulative YoY growth rate of 26.92%. (HS code: 85441100)

[SMM Analysis:When it rains, it pours: Global copper concentrate supply-demand balance results after KK Mine earthquake ] At the end of May, Chinese smelters started mid-year negotiations with Antofagasta. In the first round of negotiations this year, mining companies have offered smelters a quotation with  -$15 , which is far lower than the $0 leaked by the market in late April. According to SMM, many raw material procurement teams from leading smelters in the CSPT group stated that this negotiation is extremely difficult, and it is arduous to strive for a favorable figure.

SMM Analysis: According to SMM, the operating rate of copper foil enterprises in May 2025 was 72.16%, up 0.65 percentage points MoM and down 0.11 percentage points YoY...

 According to data from SMM, the operating rates of copper billet producers reached 50.61% in May 2025, down 4.36% MoM, indicating a weakening trend in the industry's operations. By scale, the operating rate of large enterprises was 53.42%, that of medium-sized enterprises was 49.54%, and that of small enterprises was 35.87%.