China's August Copper Anode Imports Pulled Back Sharply, Scrap Copper Ingot Imports "Surged" in 2025 [SMM Analysis]

SMM September 23 News:

According to data from the General Administration of Customs, China imported 61,700 mt of copper anode (HS code: 74020000) in August 2025, down 26.72% MoM and down 18.72% YoY. Cumulative imports from January to August 2025 totaled 528,600 mt, down 13.47% YoY.

By country, China imported 28,400 mt of copper anode from Zambia in August 2025, accounting for 46.03% of total imports, down 23.03% MoM and down 30.58% YoY; 7,000 mt from South Africa, accounting for 11.41%, up 47.77% MoM and up 35.70% YoY; 6,700 mt from Chile, accounting for 10.79%, down 62.84% MoM and up 15.99% YoY; and 6,400 mt from the DRC, accounting for 10.31%, down 35.62% MoM and down 4.20% YoY.

China's copper anode imports pulled back significantly MoM in August, with the reduction mainly coming from African regions. SMM analysis indicates that due to the rapid weakening of the SHFE/LME price ratio in late June, shipping schedules led to a concentration of some cargo arrivals at the end of July. Additionally, some shipments were declared under HS code 7403. As the price ratio recovered after mid-July, domestic supply in China tightened toward the end of Q3, and smelters entered a concentrated maintenance period with high demand, China's copper anode imports are expected to rebound in September.

Regarding scrap copper ingots, import volume increased significantly both MoM and YoY in August. China imported 42,900 mt of scrap copper ingots (red/purple copper ingots) (HS code: 74031900) in August 2025, up 17% MoM and up 75% YoY. Cumulative imports from January to August 2025 totaled 306,400 mt, up 98% YoY. By country, the top three sources of imports in August were the DRC (8,000 mt), Zambia (7,400 mt), and Chile (6,100 mt).

From the perspective of import country distribution, it indicates more copper scrap ingots flowing to the smelting side. China's imports of copper scrap ingots (red/pure copper ingots) from Africa surged in 2025. From January to August, China imported 60,300 mt of #1 copper scrap ingots from Zambia, up 689.24% YoY cumulatively, and 52,100 mt from the DRC, up 181.5% YoY cumulatively.