China's September Copper Anode Imports Plunge MoM & YoY, Touching a New Low in 2025 [SMM Analysis]

SMM October 21 News:

According to data from the General Administration of Customs, China imported 50,100 mt of copper anode (HS code: 74020000) in September 2025, down 18.76% MoM and 32.84% YoY. Cumulative imports of copper anode from January to September 2025 reached 578,800 mt, down 15.58% YoY.

By country, China imported 14,700 mt of copper anode from Chile in September 2025, accounting for 29.25% of total imports, up 120.25% MoM and 31.71% YoY; imports from Zambia were 10,300 mt, accounting for 20.48%, down 63.85% MoM and 68.81% YoY; imports from the DRC were 8,900 mt, accounting for 17.77%, up 40.05% MoM and 46.88% YoY.

China's copper anode imports in September saw a significant YoY and MoM decline, hitting a new low for 2025. Specifically, the decrease in September imports was mainly from Zambia, due to maintenance at a major copper anode supply smelter in Q3, which led to reduced production. Additionally, the inverted SHFE/LME price ratio, insufficient logistics capacity in Africa, and unstable power supply all contributed to significantly lower copper anode imports in Q3 compared to the same period in previous years. Overall, affected by tight copper concentrate raw material supply and expanding overseas demand, China's cumulative copper anode imports from January to September 2025 fell significantly YoY, and full-year imports are expected to remain at a low level in recent years.

Regarding scrap copper ingots, China imported 39,800 mt of copper scrap ingots (red/purple copper ingots) (HS code: 74031900) in September 2025, down 7% MoM but up 68% YoY. Cumulative imports from January to September 2025 reached 346,200 mt, up 94% YoY. The top three source countries by import volume in September were Zambia (9,200 mt), Pakistan (5,900 mt), and the DRC (5,700 mt).