China's copper anode imports in March 2025 dropped 47.8% YoY, 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 50,176 mt, down 11.05% MoM and 47.80% YoY. From January to March 2025, cumulative imports of copper anode were 170,503 mt, down 26.57% YoY.

By country, China's imports of copper anode from Zambia in March 2025 were 18,988 mt, accounting for 37.84% of total imports, down 35.46% MoM and 61.22% YoY. Imports from Chile were 9,992 mt, accounting for 19.91% of total imports, up 32.84% MoM and 49.92% YoY. Imports from the DRC were 5,944 mt, accounting for 11.85% of total imports, up 65.81% MoM and down 62.67% YoY.

China's imports of copper anode in March 2025 declined, hitting a five-year low, with a significant reduction in imports from Africa, the main source region. On one hand, global crude production declined due to tight copper concentrate supply. On the other hand, the import SHFE/LME price ratio failed to open in Q1. Additionally, logistics also caused some disruptions. Riots and conflicts broke out in the DRC in late January. Under the high uncertainty of US tariff policies, a large amount of copper cathode shipments from South America and Africa were diverted to the US, impacting shipping capacity.