Imports Rose MoM and YoY, Zhejiang and Guangdong Led Import Boom — July Secondary Copper Import Data Analysis [SMM Analysis]

According to the latest data released by the General Administration of Customs, in July 2024, China's copper scrap and shredded copper scrap import volume reached 194,673 mt, up 13% MoM and 23% YoY, achieving growth both MoM and YoY (HS code 74040000).

In the copper scrap import landscape, Guangdong and Zhejiang provinces have become major distribution hubs for copper scrap imports due to their advantageous geographical locations, well-established industrial chain layouts, and strong market demand. Guangdong, at the forefront of China's reform and opening-up, has a long history and advanced technology in the copper processing industry, leading to a significant demand for copper scrap. Meanwhile, Zhejiang is known for its active private economy and quick market response, with a similarly developed copper scrap recycling and processing industry. Together, these two provinces have driven the prosperity and development of China's copper scrap market. Specifically, July export data shows that Zhejiang and Guangdong imported 126,195 mt and 31,720 mt of copper scrap, respectively, accounting for 64.82% and 16.29%, ranking first and second.

From the perspective of import sources, the United States continues to hold its position as the largest supplier of copper scrap to China, with 36,178 mt imported from the US in the month, up 2.6% MoM and 23.7% YoY. The high quality and stability of US copper scrap make it one of the preferred raw materials for Chinese copper processing enterprises, while Japan ranks second with a supply volume of 20,692 mt.

Additionally, Southeast Asian countries such as Malaysia and Thailand have also become important sources of copper scrap imports for China. These countries have abundant copper scrap resources and are geographically close to China, resulting in relatively low transportation costs, making them important partners for Chinese copper processing enterprises.