Short-term pressure does not change the long-term trend; imports of secondary copper raw materials are expected to decline first and then rebound.

Published: Jul 21, 2025 17:42

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Although China's imports of secondary copper raw materials dropped back slightly in June 2025, their resilience remained. 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 US tariff policies, 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 supplies 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 secondary copper raw materials. Under the global supply chain restructuring, price fluctuations and regional supply-demand mismatches will become the norm.

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