Analysis of Copper Scrap Imports in May

According to the latest data from the General Administration of Customs, China's imports of copper scrap and shredded copper scrap showed significant changes in May 2025. The monthly import volume reached 185,200 mt, down 9.55% MoM and 6.63% YoY. From the cumulative data from January to May, the import volume was 962,200 mt, with a cumulative YoY decrease of 1.98% (HS code 74040000). Overall, China's imports of copper scrap and shredded copper scrap showed a YoY decline at both the monthly and cumulative levels.

There was a major adjustment in the structure of import sources. Thailand surpassed traditional major importing countries to become China's largest importer of copper scrap and shredded copper scrap, accounting for 11.46% of imports. The US, once a major importer, fell to third place, with a share of only 7.57%. Specifically, Thailand's exports of copper scrap and shredded copper scrap to China in May were 21,200 mt, down 15.12% MoM but up significantly by 74.51% YoY, taking the top spot in China's total imports. In contrast, the US's exports to China plummeted to 14,000 mt in May, down 40.59% MoM and 65.62% YoY, with a significant decline in market position. Additionally, Japan, as China's second-largest importer of copper scrap, exported 19,800 mt to China in a single month, down 39.33% MoM and 15.61% YoY, accounting for 10.71% of imports.

According to SMM, the current tight supply situation of secondary copper raw materials continues. Affected by the US tariff policy, the purchase willingness of traders for US sources is low, and the supply of US sources is gradually decreasing. SMM expects that the import volume of secondary copper raw materials will continue to decline in June, and the impact of the reduction in US sources will be more pronounced in subsequent data, with the share possibly falling below 5%.