Copper Anode Imports Declined in January and 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; 56,400 mt in February, 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; 11,800 mt from Chile, accounting for 18.54%, up 28.84% MoM and down 7.66% YoY; 7,700 mt from DRC, accounting for 12.11%, 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; 7,500 mt from Chile, accounting for 13.33%, down 36.51% MoM and 40.40% YoY; 4,000 mt from South Africa, accounting for 7.14%, down 3.41% MoM and 1.72% YoY.

Copper anode imports to China in January and February 2025 decreased, although affected by the period around Chinese New Year. 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 declined to varying degrees, mainly due to tight supply of copper ore raw materials 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 interest from smelters in imported sources. In late January, unrest in DRC may have impacted imports from the region. Overall, it is expected that China's copper anode imports in H1 2025 will remain at a low level.