China's copper anode imports declined MoM in June, with a cumulative YoY decrease of 17.56% in 2025H1 [SMM Analysis]

SMM July 22 News:

According to data from the General Administration of Customs, China imported 68,500 mt of copper anode (HS code: 7402000) in June 2025, down 1.26% MoM and up 2.38% YoY. From January to June 2025, China's cumulative copper anode imports reached 382,700 mt, down 17.56% YoY.

By country, China imported 27,400 mt of copper anode from Zambia in June 2025, accounting for 40.02% of total imports, down 28.91% MoM and 31.74% YoY. It imported 11,700 mt from the DRC, accounting for 17.07% of total imports, up 107.37% MoM and 8.54% YoY. It imported 8,900 mt from Chile, accounting for 13.03% of total imports, down 1.74% MoM and up 472.90% YoY.

China's copper anode imports fell slightly in June, with the decrease mainly coming from Zambia due to maintenance at local copper anode smelters, which affected supply. However, profitable opportunities emerged in the import price ratio in April, leading to an increase in ocean freight arrivals from other regions in Africa. Although domestic smelter demand remained high in Q3, the supply of imported copper anode was limited. Additionally, the price ratio weakened in May-June, maintenance at smelters was still ongoing, and the overseas Kamoa copper smelting project had not yet commenced production. Therefore, it is expected that China's copper anode imports may continue to decrease in July.
Regarding scrap red copper ingots, imports also fell MoM in June. China imported 34,700 mt of scrap copper ingots (red/copper ingots) (HS code: 74031900) in June 2025, down 5% MoM and up 71% YoY. By country, the top three importers in June were: Zambia (8,700 mt), the DRC (8,200 mt), and Pakistan (2,700 mt). From January to June 2025, China's cumulative imports of scrap copper ingots (red/copper ingots) reached 226,700 mt, up 111% YoY.