July China's Imports of EQ Copper Cathode Exceed 70% Again!

According to customs data, China imported 296,900 mt of copper cathode in July, down 1.7% MoM and up 7.56% YoY. SMM compiled data from major producers of non-registered copper cathode, showing that in July, the proportion of such non-registered sources in China's imports exceeded 70% again.

By country, the volume of copper cathode imported from DRC in July hit a new high for the year. In June, port logistics in that region were relatively normal, with stable shipments. However, after entering July, shipping capacity became relatively tight, and it is expected that the volume of imports from this source will decline in July.

After entering August, influenced by scrap copper policies, market demand for non-registered sources increased; the price difference between SX-EW copper and non-registered sources narrowed.

In August, the US implemented tariffs on copper, but did not impose a 50% tariff on refined copper. During August, domestic trade spot market saw offers for Chilean and Peruvian sources; it is expected that total imports in September will continue to increase, potentially diluting the share of non-registered sources.