China's imported copper concentrates are expected to reach 28 million mt in 2024 [SMM analysis] 

In November 2024, China imported 2.245 million mt of copper concentrates and ores, down 2.98% MoM and 8.1% YoY. From January to November, the cumulative imports of copper ores and concentrates reached 25.645 million mt, up 2.14% YoY. The monthly import volume of copper concentrates in November pulled back MoM, falling below the annual average import level of 2.33 million mt.

Demand side, smelters undergoing maintenance in November included Yangxin Hongsheng Copper Co., Ltd., JCC Guoxing (Yantai) Copper Co., Ltd., Houma Smelter of Zhongtiaoshan Nonferrous Metals Group Co., Ltd., old production lines of Zhejiang JCC Fuye Heding Copper Co., Ltd., Jiangxi Copper Corporation headquarters, Guangxi Jinchuan Nonferrous Metals Co., Ltd., Yimen Copper Co., Ltd., Huludao Hongyue North Copper Co., Ltd., and Kunpeng Copper Co., Ltd., with a combined smelting capacity of 2.34 million mt, leading to a decrease in demand for copper concentrates. According to the SMM survey, most smelters previously under maintenance are expected to resume operations in December, driving a rebound in demand for copper concentrates. SMM forecasts that China's imports of copper concentrates and ores in December 2024 will be around 2.35 million mt, up 4.68% MoM. The total imports for 2024 are projected to be 28 million mt, up 1.5% YoY, falling short of the previous SMM estimate of 28.56 million mt.