The Tight Supply Situation in the Copper Anode Market Is Expected to Improve After the Holiday, with Domestic Processing Fees Rebounding in February [SMM Analysis]

Published: Feb 7, 2025 18:50

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[SMM Analysis: Post-Holiday Tightness in Copper Anode Market Expected to Ease, Domestic Processing Fees Likely to Rebound in February] In January 2025, SMM reported that blister copper RCs in south China were quoted at 700-900 yuan/mt, with an average of 800 yuan/mt, down 50 yuan/mt MoM; blister copper RCs in north China were quoted at 700-900 yuan/mt, with an average of 800 yuan/mt, down 100 yuan/mt MoM...

SMM February 7 News: SMM reported that in January 2025, domestic blister copper RCs in south China were quoted at 700-900 yuan/mt, with an average of 800 yuan/mt, down 50 yuan/mt MoM. In north China, blister copper RCs were also quoted at 700-900 yuan/mt, with an average of 800 yuan/mt, down 100 yuan/mt MoM. CIF blister copper RCs were quoted at $85-95/mt, with an average of $90/mt, down $20/mt MoM.

In January, blister copper RCs declined both domestically and internationally. In the domestic market, the overall situation was relatively tight. On the demand side, smelters showed strong stockpiling demand due to the approaching Chinese New Year holiday. On the supply side, most domestic companies producing copper anodes from copper scrap began to suspend production and take holidays in late January. Additionally, uncertainties surrounding trade policies before Trump's inauguration led traders to halt imports of US secondary copper from late November, and copper scrap import volume in January is expected to decrease. Regarding imported blister copper, with the 2025 CIF long-term contract benchmark finalised, CIF blister copper RCs fell below triple digits. However, spot market transactions were scarce during the period when upstream and downstream parties concentrated on signing long-term contracts.

After the holiday, domestic blister copper spot RCs in south China showed a rebound. This week, SMM reported that domestic blister copper RCs in south China were quoted at 1,000-1,100 yuan/mt, with an average of 1,050 yuan/mt, up 250 yuan/mt MoM. In north China, blister copper RCs were quoted at 700-900 yuan/mt, with an average of 800 yuan/mt, remaining unchanged MoM. CIF blister copper RCs were quoted at $85-95/mt, with an average of $90/mt, also remaining unchanged MoM. Domestic copper anode RCs were quoted at 700-800 yuan/mt, with an average of 750 yuan/mt, up 200 yuan/mt MoM.

On the demand side, as smelters completed stockpiling before the holiday, post-holiday demand is expected to weaken. On the supply side, copper prices rose in mid-January and after the Chinese New Year holiday, boosting the willingness to sell among secondary copper raw material suppliers. The price difference between primary metal and scrap widened, and production of copper anodes from scrap tended to increase. The overall tight market situation is expected to ease.

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