Copper Anode Imports Declined in January-February 2025, Accumulated YoY Down by 11.58% [SMM Analysis]

SMM March 21 News: According to data from the General Administration of Customs, China imported 63,900 mt of copper anode in January 2025, down 20.31% MoM and 11.73% YoY; In February, imports were 56,400 mt, down 11.74% MoM and 11.41% YoY; Cumulative imports for January-February 2025 were 120,300 mt, down 11.58% YoY. By country, in January 2025, China imported 30,000 mt of copper anode from Zambia, accounting for 46.94% of total imports, down 19.46% MoM and up 4.34% YoY; From Chile, 11,800 mt, or 18.54% of total imports, up 28.84% MoM and down 7.66% YoY; From DRC, 7,700 mt, or 12.11% of total imports, down 19.63% MoM and 17.85% YoY. In February 2025, China imported 29,400 mt of copper anode from Zambia, accounting for 52.16% of total imports, down 1.93% MoM and up 51.52% YoY; From Chile, 7,500 mt, or 13.33% of total imports, down 36.51% MoM and 40.40% YoY; From South Africa, 4,000 mt, or 7.14% of total imports, down 3.41% MoM and 1.72% YoY. In January and February 2025, China's copper anode imports declined, although affected by the Chinese New Year period, on a YoY basis, they remained at a low level in recent years. Imports from traditional major sources such as Chile, DRC, and South Africa all saw varying degrees of decline, mainly due to tight supply of copper concentrate raw material and transportation issues. The increase in overseas copper anode supply in 2025 will mainly come from new copper anode capacity at a large smelter in DRC, but its actual commissioning time is estimated to be in H2 2025. Since February, the SHFE/LME price ratio has been inverted, while domestic blister copper RCs are moderate, leading to low willingness among smelters to import. The unrest in DRC in late January may also affect imports from the region. Overall, it is expected that China's copper anode imports will remain at a low level in H1 2025.