November Copper Anode Imports Rebounded MoM, Cumulative YoY Decrease of 14.23% [SMM Analysis]

Published: Dec 20, 2024 18:09

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[SMM Analysis: Copper Anode Imports Rebounded MoM in November, Down 14.23% YoY Cumulatively] According to data from the General Administration of Customs, China imported 69,800 mt of copper anode in November 2024, up 15.59% MoM but down 17.03% YoY. From January to November 2024, cumulative copper anode imports reached 815,800 mt, down 14.23% YoY...

SMM, December 20: According to data from the General Administration of Customs, China imported 69,800 mt of copper anode in November 2024, up 15.59% MoM but down 17.03% YoY. From January to November 2024, cumulative imports of copper anode totaled 815,800 mt, down 14.23% YoY.

By country, in November 2024, China imported 32,800 mt of copper anode from Zambia, accounting for 46.92% of the total, down 0.39% MoM and 13.55% YoY. Imports from the DRC were 9,800 mt, accounting for 14.02%, up 140.59% MoM but down 37.08% YoY. Imports from Chile were 8,000 mt, accounting for 11.45%, up 44.88% MoM but down 11.85% YoY.

In November, China's copper anode imports rebounded, but the cumulative total for the year remained at a low level in recent years. This was partly due to tight raw material supply for copper concentrates, leading to a decline in upstream production. Additionally, some supply was diverted overseas as smelters in Southeast Asia put expanded refining capacity into operation.

Looking ahead, large-scale smelting capacity for blister copper is expected to be put into operation in Africa in 2025, which is expected to boost China's copper anode imports. However, this will also exacerbate the shortage of copper concentrate raw materials. As the year-end approaches, the 2025 copper concentrate TC benchmark is significantly lower YoY compared to 2024. Meanwhile, negotiations for long-term contracts for blister copper RC are ongoing. With market demand expected to be strong next year, the long-term contract results are also expected to be lower than in 2024.

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