Copper anode imports fell YoY and MoM in May, with a cumulative YoY decrease of 21% in 2025 [SMM Analysis]

SMM News on June 20:

    According to data from the General Administration of Customs, China imported 69,400 mt of copper anode (HS code: 7402000) in May 2025, down 6.48% MoM and 30.56% YoY. From January to May 2025, cumulative imports of copper anode reached 314,200 mt, down 20.93% YoY.

    By country, China imported 38,600 mt of copper anode from Zambia in May 2025, accounting for 55.59% of total imports, down 1.63% MoM and 20.60% YoY. Imports from Chile were 9,100 mt, accounting for 13.09% of total imports, down 5.76% MoM and 31.23% YoY. Imports from the Democratic Republic of the Congo were 5,600 mt, accounting for 8.13% of total imports, up 45.07% MoM and down 69.69% YoY.

    In March 2025, the SHFE/LME price ratio was inverted, and domestic supply of copper anode was relatively abundant, leading to low demand for imported copper anode and causing both MoM and YoY declines in May imports. In April, the SHFE/LME price ratio presented profit opportunities, and the domestic market reversed after a sharp drop in copper prices. June imports of copper anode may show growth, but due to maintenance at overseas copper anode refineries in Q2, the expected increase in imports is limited.

    In contrast to the significant YoY decline in China's cumulative imports of copper anode in 2025, imports of copper scrap ingots showed the opposite trend. In May 2025, China imported 36,500 mt of copper scrap ingots (red/copper ingots) (HS code: 74031900), down 24% MoM and up 86% YoY. From January to May 2025, cumulative imports of copper scrap ingots (red/copper ingots) reached 192,000 mt, up 120% YoY.

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