Although China's imports of recycled copper raw materials saw a slight pullback in June 2025, they remained resilient. SMM believes this was mainly due to the support from smelting demand and the diversified adjustment of import sources. In the short term, affected by seasonal factors, the closure of import windows, and the US tariff policy, imports are expected to face pressure in Q3. However, in Q4, with the rebound in stockpiling demand from domestic smelters and the supplement of transshipment supply from Southeast Asia, imports are expected to stabilize and rebound. In the future, close attention should be paid to overseas policy changes and the substitution relationship between copper concentrates and recycled copper raw materials. Under the global supply chain restructuring, price fluctuations and regional supply-demand mismatches will become the norm.