Copper Anode Imports Fell 47.8% YoY in March 2025, Hitting a Five-Year Low [SMM Analysis]

SMM April 21 News: According to data from the General Administration of Customs, China's imports of copper anode in March 2025 were 50,200 mt, down 11.05% MoM and 47.80% YoY. From January to March 2025, cumulative imports of copper anode were 170,500 mt, down 26.57% YoY. By country, China imported 19,000 mt of copper anode from Zambia in March 2025, accounting for 37.84% of total imports, down 35.46% MoM and 61.22% YoY. Imports from Chile were 10,000 mt, accounting for 19.91% of total imports, up 32.84% MoM and 49.92% YoY. Imports from the DRC were 5,900 mt, accounting for 11.85% of total imports, up 65.81% MoM and down 62.67% YoY. China's copper anode imports in March 2025 declined, hitting a five-year low, with significant reductions in imports from Africa, the main source. On one hand, global smelting production declined due to tight copper concentrate supply. On the other hand, the SHFE/LME price ratio failed to open in Q1. Additionally, logistics disruptions also played a role. Riots and conflicts in the DRC in late January, coupled with the high uncertainty of US tariff policies, led to a large amount of copper cathode shipments from South America and Africa to the US, impacting transportation capacity. 》Order to view SMM metal spot historical prices 》Click to view SMM copper industry chain database