China's copper anode imports in May declined both MoM and YoY, with a cumulative YoY decrease of 21% in 2025 [SMM Analysis]

SMM June 20 News:

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 (DRC) 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 copper anode supply was relatively abundant, leading to low demand for imported copper anode, which contributed to the MoM and YoY decline in May imports. In April, the import price ratio presented profitable opportunities, and the domestic market reversed after a sharp drop in copper prices. Copper anode imports in June may show growth, but due to maintenance at overseas copper anode refineries in Q2, the increase in imports is expected to be limited.

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