March Copper Cathode Rod Exports Show Optimistic Growth, Monthly Exports Approaching Historical Highs [SMM Analysis]

After a significant YoY increase in copper cathode rod exports from January to February 2025, the export volume of copper wire rods continued to show strong growth in March 2025. The specific data is as follows:

According to customs data, in March, both the total exports and processing trade exports of copper cathode rods (>6mm) showed significant growth. The total exports of copper cathode rods with a maximum cross-section >6mm reached 6,791.68 mt, up 35.82% MoM and 35.82% YoY. In terms of specific export trade modes, the exports of copper cathode rods (>6mm) under Processing with Imported Materials in March 2025 amounted to 5,849.80 mt, up 17.7% MoM and nearly 36 times YoY. The exports under Processing Trade with Supplied Materials increased from 0 to 554.97 mt. The third-largest export trade mode in March was exports for contracted projects, all of which were driven by projects from Beijing to Malaysia. The exports under Ordinary Trade were 77.38 mt, up 15 times MoM but down 98.4% YoY.

Looking at the exports of copper cathode wire, the growth in March 2025 was also optimistic. The total exports of copper cathode wire (≤6mm) in March were 7,934.29 mt, up 59.90% MoM and 52.67% YoY. In terms of specific trade modes, the exports of copper cathode wire (≤6mm) under Processing with Imported Materials in March 2025 were 5,461.69 mt, up 67.65% MoM and 21.6 times YoY. The exports of copper cathode wire (≤6mm) under Processing Trade with Supplied Materials were 142.6 mt, up 8.4 times MoM and 2.3 times YoY. The second-largest export volume of copper cathode wire (≤6mm) in March was Entrepot Trade by Customs Special Control Area, at 1,622.51 mt, up 38.83% MoM and 10.6 times YoY. Additionally, the exports under Ordinary Trade were 695.93 mt, up 34.95% MoM but down 85.22% YoY.
It is worth noting that in March 2025, there were significant exports of copper cathode rod and wire under Ordinary Trade or Entrepot Trade by Customs Special Control Area. According to SMM data analysis, most of these were high-value-added products that could cover tax costs.

In summary, due to active market adjustments and a shift to processing trade exports, not only was the export growth achieved beyond expectations, but the export volume also remained relatively stable due to the shift to processing trade, reducing the impact of import profit/loss fluctuations on the export business. Meanwhile, the export volumes of copper cathode rods and copper wires in March have already approached the high levels of April last year. SMM expects the copper cathode rod export market in 2025 to remain relatively optimistic.