US Copper Scrap Further Fades as Japan and Thailand Maintain Dominance

According to the latest data from the General Administration of Customs, China's imports of copper scrap and shredded copper scrap reached 179,400 mt in physical content in August 2025, down 5.64% MoM but increasing slightly by 5.79% YoY. From January to August, cumulative imports totaled 1.5149 million mt, down 0.04% YoY (HS code 74040000).

In terms of import source countries, Japan remained China's largest supplier of copper shredded scrap, exporting 35,400 mt to China in August, down 1.95% MoM but surging 85.03% YoY, accounting for 19.76% of China's total imports that month. Thailand ranked second with imports of 30,000 mt in physical content, representing 16.75%, down 12.64% MoM but rising significantly by 103.08% YoY. South Korea, Spain, the UK, and other countries also ranked among the top import sources, reflecting the gradual diversification of China's recycled copper raw materials supply landscape. Additionally, US supply continued to account for an extremely low share in the Chinese market, with August imports at just 544 mt, or 0.3%. Its former market share is gradually being replaced by other countries and regions, and the ongoing adjustment in global recycled copper raw materials trade flows continues.

Overall, China's imports of recycled copper raw materials remained stable in August 2025, with continued optimization in source structure. In the short term, imports are unlikely to see significant growth but also lack clear downward momentum, and are expected to continue fluctuating at highs. In the long term, the global recycled copper supply chain is undergoing profound restructuring. The diversification of China's import sources and the maturing "Southeast Asia transit" model will significantly enhance the resilience and resource allocation efficiency of China's recycled metal supply system.