High of the Year! China's Copper Anode Imports Rebounded Significantly MoM in July 2025 [SMM Analysis]

SMM August 20 News:

According to data from the General Administration of Customs, China imported 84,200 mt of copper anode (HS code: 74020000) in July 2025, up 22.86% MoM and up 19.08% YoY; cumulative imports for January-July 2025 were 466,900 mt, down 12.72% YoY.

By country, in July 2025, China imported 36,900 mt of copper anode from Zambia, accounting for 43.82% of total imports, up 34.52% MoM and up 12.95% YoY; 17,900 mt from Chile, accounting for 21.27%, up 100.56% MoM and up 42.97% YoY; and 9,900 mt from DRC, accounting for 11.73%, down 15.56% MoM and down 1.33% YoY.

In July, China's copper anode imports rebounded significantly MoM, with the increase mainly coming from Zambia and Chile. In Zambia, a copper anode smelter resumed production after maintenance, while in Chile, locally produced anodes for use by copper cathode smelters entered the market. After the mid-year period, domestic smelters began restocking, coupled with tight Q3 domestic supply, increasing demand for imported copper anodes. The SHFE/LME price ratio weakened rapidly in late June but recovered somewhat after mid-July, leading to expectations that August long-haul imports will decrease, while short-haul imports will increase.

For copper scrap ingots, July imports also saw a MoM increase. In July 2025, China imported 36,800 mt of copper scrap ingots (red/purple copper ingots) (HS code: 74031900), up 6% MoM and up 62% YoY. By country, the top three import sources in July were: Zambia 11,600 mt; Pakistan 4,200 mt; and Chile 3,200 mt. Cumulative imports for January-July 2025 were 263,500 mt, up 102% YoY.