China's 2025 Copper Anode Imports Hit Multi-Year Low, Down 15% YoY in Jan-Oct [SMM Analysis]

SMM November 20 News:

According to General Administration of Customs data, China imported 55,200 mt of copper anode (HS code: 74020000) in October 2025, up 10.18% MoM but down 8.57% YoY. Cumulative imports from January to October 2025 totaled 634,000 mt, down 15.01% YoY.

By country, China imported 26,700 mt of copper anode from Zambia in October 2025, accounting for 48.41% of total imports, up 160.41% MoM but down 18.70% YoY. Imports from the DRC totaled 7,100 mt, representing 12.86% of the total, down 20.23% MoM but up 74.59% YoY. Imports from Chile reached 6,800 mt, accounting for 12.23%, down 53.93% MoM but up 22.41% YoY.

China's copper anode imports rebounded MoM in October, with the increase mainly coming from Zambia, as a major copper anode supplier resumed production after completing maintenance. However, unfavorable import price ratios (SHFE/LME), along with unstable logistics and power supply in Africa, kept China's copper anode imports at low levels compared to the same period in previous years. In addition, the brief closure of Dar es Salaam port due to unrest in Tanzania at the end of October may cause some delays in shipments arriving in Q4. Coupled with expanding overseas demand for copper anode and delayed commissioning times for new projects in Africa, China's full-year 2025 copper anode imports are expected to hit a five-year low.

Regarding copper scrap ingots, China imported 41,000 mt of copper scrap ingots (red/purple copper ingots) (HS code: 74031900) in October 2025, up 3% MoM and 68% YoY. Cumulative imports from January to October 2025 reached 387,200 mt, up 91% YoY. The top three source countries by import volume in October were Zambia (13,900 mt), Pakistan (6,400 mt), and the DRC (3,700 mt).