Statistics Bureau: Resumption of Operations at Refined Smelters and New Smelter Launches Boost China's Copper Production, Up YoY in January-February

The National Bureau of Statistics (NBS) released a report showing that China's refined copper (copper cathode) production for January-February 2025 was 2.3 million mt, up 3.7% YoY. Some smelters underwent maintenance in January but resumed normal operations in February. Most smelters had already stockpiled sufficient raw material inventory before the New Year and were not affected by low copper concentrate TCs. Additionally, a new smelter in the southwest began production, leading to an increase in copper output in February. Entering March, according to SMM, three smelters have planned maintenance, but the impact on actual production is relatively small, with some manufacturers indicating that the maintenance effects will be reflected in April. Due to tight copper scrap supply, smelters producing copper cathode from copper scrap maintained low production levels. A few companies producing electrolytic copper from ore had to reduce their production load due to significant losses.