China's Copper Anode Imports Remain Low in 2025, 2026 RC Benchmark Finalised [SMM Analysis]

SMM November 23 News:

According to data from the General Administration of Customs, China imported 58,300 mt of copper anode (HS code: 74020000) in November 2025, up 5.60% MoM but down 16.47% YoY. Cumulative imports of copper anode from January to November 2025 reached 692,300 mt, down 15.13% YoY.

By country, China imported 23,400 mt of copper anode from Zambia in November 2025, accounting for 40.05% of total imports, down 12.64% MoM and 28.69% YoY. Imports from the DRC were 10,500 mt, accounting for 17.99%, up 47.63% MoM and 7.13% YoY. Imports from Chile were 10,400 mt, accounting for 17.77%, up 53.42% MoM and 29.63% YoY.

China's copper anode imports increased MoM in November 2025 but remained low compared to previous years. Against the backdrop of tight copper ore supply and growing demand for copper anode due to overseas copper refining capacity expansion, unfavorable import price ratios, insufficient logistics capacity in Africa, and overseas political factors collectively led to cumulative copper anode imports hitting a five-year low for the January-November period.

SMM learned that CNMC International Trading Co., Ltd. and Jiangxi Copper Company Limited reached an agreement on the 2026 CIF imported blister copper RC Benchmark at $85/mt on December 23, 2025, Beijing time, compared to $95/mt in 2025. This long-term contract result indicates that despite expected new copper anode capacity overseas next year, tight copper ore supply has raised market expectations for global copper anode demand in 2026.

Additionally, scrap-derived copper anode and copper ingot have become key raw material supplements for smelters. In November 2025, China imported 33,600 mt of scrap copper ingot (red/purple copper ingot) (HS code: 74031900), down 18% MoM and 8% YoY. Cumulative imports from January to November 2025 reached 420,900 mt, up 76% YoY. The top three source countries by import volume in November were Pakistan (8,600 mt), the DRC (5,400 mt), and Zambia (5,100 mt).