China's share of imported non-registered copper cathode declined in May! [SMM Analysis]

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   According to customs data, in May, both the volume and proportion of China's imports of copper cathode from countries that mainly produce non-registered copper cathode declined. The volume and proportion were 155,200 mt and 61.33%, respectively; this proportion was the lowest from January to May 2025.

           From the perspective of country-specific data, in May, China's imports from the Democratic Republic of the Congo (DRC) decreased significantly, but accounted for nearly 40% of the total imports from January to May. Secondly, imports from Russia exceeded 30,000 mt, with a total of 175,100 mt imported so far this year, averaging 35,000 mt per month. According to SMM's communication with the market, the volume of Russian cargo expected to arrive in China in June is still around 20,000 mt, but there may be unexpected spot orders arriving.

          From the seasonal comparison chart of major importing countries, it can be observed that China's imports of copper cathode from countries that mainly produce non-registered copper cathode remain the most-traded. However, it can be noted that as the US attracts copper cathode, electrolytic copper produced in Africa, especially in the DRC, is entering the US more rapidly, resulting in a decrease in the volume entering China.

          From the perspective of the non-registered price performance in the domestic trade market in June, it is perceived that the supply of non-registered imported cargo remains tight in June. However, with most LME Asian cargo flowing into China in June, the proportion of non-registered imports may be diluted.

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