Customs data shows that 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 15.52 and 61.33%, respectively; this proportion is the lowest from January to May 2025.
From a country-by-country perspective, China's imports from the Democratic Republic of the Congo (DRC) decreased significantly in May, but accounted for nearly 40% of the total imports from January to May. Secondly, imports from Russia exceeded 30,000 mt, with a cumulative total of 175,100 mt so far this year, averaging 35,000 mt per month. According to SMM's communication with the market, it is expected that the volume of Russian copper cathode arriving in China in June will still be around 20,000 mt, but there may be unexpected spot orders.
From the seasonal comparison chart of imports from major 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 observed that as the US absorbs copper cathode, electrolytic copper produced in Africa, especially in the DRC, is entering the US more rapidly, resulting in a decrease in the volume arriving in China.
From the performance of non-registered prices in the domestic trade market in June, it is perceived that non-registered copper cathode imports remain relatively tight in June. However, most LME Asian copper cathode is expected to arrive in China in June, potentially diluting the proportion of non-registered imports.
