December Copper Anode Imports Increased, While the Total Volume for 2024 Will Be Below 900,000 Mt [SMM Analysis]

Published: Jan 22, 2025 14:37

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SMM Analysis: Copper Anode Imports Increased in December, While Total Imports in 2024 Were Below 900,000 mt According to data from the General Administration of Customs, China imported 80,200 mt of copper anode in December 2024, up 14.85% MoM and up 56.02% YoY. From January to December 2024, total copper anode imports reached 896,000 mt, down 10.62% YoY...

SMM, January 22: According to data from the General Administration of Customs, China's copper anode imports in December 2024 reached 80,200 mt, up 14.85% MoM and up 56.02% YoY. From January to December 2024, cumulative copper anode imports totaled 896,000 mt, down 10.62% YoY.

By country, in December 2024, China imported 37,200 mt of copper anode from Zambia, accounting for 46.44% of total imports, up 13.69% MoM and up 126.10% YoY. Imports from the DRC were 9,600 mt, accounting for 12.01%, down 1.62% MoM and down 12.75% YoY. Imports from Chile were 9,200 mt, accounting for 11.46%, up 15.02% MoM and up 8.52% YoY.

China's copper anode imports in December 2024 rebounded significantly MoM, with the increase mainly coming from Zambia and Asian countries and regions. On one hand, year-end stockpiling demand from smelters contributed to the rise; on the other hand, a decline in upstream scrap copper supply tightened the copper anode market, which was one of the main drivers for the growth in imports from Asian regions.

Under the impact of tight copper ore raw material supply and the expansion of overseas refining capacity, China's cumulative copper anode imports for the whole of 2024 fell below 900,000 mt, marking a five-year low. This also led to a market dominated by long-term contract deliveries, with spot market activity remaining extremely low.

Following the sharp decline in the 2025 copper concentrate TC long-term contract benchmark, the 2025 CIF imported blister copper RC long-term contract benchmark was also finalised at $95/mt, down $21/mt from $116/mt in 2024, marking the first time in recent years it has fallen below triple digits. Although new copper anode capacity from large smelters in Africa is expected to come online in H2 2025, the decline in RC reflects market concerns over whether blister copper capacity can reach full production under the anticipated tight copper concentrate supply in 2025, as well as expectations for expanding copper anode demand.

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