[Future recycled copper raw materials imports expected to hover at highs] In July 2025, China's imports of recycled copper raw materials once again demonstrated resilience in an off-season context. It is projected that a significant increase in imports will be unlikely in the short term, but a sharp decline is also improbable, with imports expected to fluctuate at highs. In the long run, the restructuring of the global recycled copper supply chain has become a certainty. The diversification of China's import sources and the growing importance of the "Southeast Asia transit" model will become increasingly prominent. Future attention should be paid to whether the profitable import window can open, overseas policy trends, and the actual recovery of domestic downstream consumption.