China's copper concentrate imports for the full year of 2024 are 28.114 million mt, slightly below the expected value [SMM Analysis].

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       In December 2024, China's imported copper concentrates and ores totaled 2.522 million mt, up 12.3% MoM and up 1.7% YoY. From January to December, cumulative imports of copper ores and concentrates reached 28.114 million mt, up 2.1% YoY. SMM previously expected the total annual import volume of copper concentrates in 2024 to be 28.56 million mt, slightly higher than the actual figure.

       Overall, China's copper concentrate imports were driven by the expansion of demand from smelters and the continuous increase in China's primary smelting projects. In 2024, new primary smelting projects in China included Guangxi Jinchuan, Southwest Copper, Jinchuan Group, Baotou Huading, and Chifeng Fubang Copper. According to SMM, new primary smelting projects in 2025 will include Tongling Nonferrous, Chifeng Jintong, Shandong Humon Smelting Co., Ltd. Weihai, Yingkou Shenghai Chemical, and Yingkou Jianda Shenghai Nonferrous Chemical. SMM expects the total annual import volume of copper concentrates in 2025 to reach 7.42 million mt (metal content) and 29.68 million mt, up 5.6% YoY.

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