Copper Cathode Rod Exports Hit New High in May, But Expected to Decline in June [SMM Analysis]: In May, copper cathode rod exports increased as expected, with exports mainly concentrated in Southeast Asian countries, as well as Saudi Arabia, South Korea, etc. However, due to weak end-use demand in June, exports are expected to decline. Details are as follows:
According to customs data, in terms of total exports of copper wire rod, total exports of copper wire rod in May increased by 17.57% MoM and 34% YoY, maintaining growth both MoM and YoY.
In May, exports of refined copper rods (>6mm) reached a new high. In mid-May, the total exports of refined copper rods with a maximum cross-section >6mm were 9,063.24 mt, up 13.69% MoM and 24.96% YoY. In terms of specific trade modes for exports, in May 2025, the exports of refined copper rods with a maximum cross-section >6mm under Processing with Imported Materials were 5,273.33 mt, up 0.04% MoM and 28 times YoY. The exports under Processing Trade with Supplied Materials were 3,531.09 mt, up 32.15% MoM, with zero exports in the same period last year. The exports under Ordinary Trade in May were 258.82 mt, up 9 times MoM and down 96.34% YoY.
In May 2025, exports of refined copper wire (≤6mm) resumed growth. In mid-May, the total exports of refined copper wire (≤6mm) reached 7,830.08 mt, up 22.4% MoM and 46.29% YoY. In terms of specific trade modes for exports, in May 2025, the exports of refined copper wire (≤6mm) under Processing with Imported Materials reached 4,931.2 mt, up 25.2% MoM and 46.9 times YoY. The exports of refined copper wire (≤6mm) under Processing Trade with Supplied Materials were 1,167.83 mt, up 75.23% MoM and 20.89 times YoY. In May, the second-largest volume of refined copper wire (≤6mm) exports was still attributed to Entrepot Trade by Customs Special Control Area, with 1,353.06 mt, up 6.26% MoM and 30 times YoY. The exports under Ordinary Trade were 372.67 mt, down 27.79% MoM and 92.7% YoY.
In summary, some copper cathode rod enterprises expanded their customer base in Southeast Asia and South Korea in May, driving an overall increase in copper cathode rod exports for the month. However, as June began, most copper cathode rod export enterprises reported a significant weakening in end-use demand, leading to a decline in exports for many enterprises. Only some deep-processing carry-over orders remained stable. According to SMM's forecast, copper cathode rod exports are expected to decline in June 2025.
