July Copper Billet Import Value Maintained Positive YoY Growth

BHP’s growing reliance on copper as an earnings driver is bringing Zambia back into focus as the mining giant looks to expand its exposure to the metal and identify new long-term growth opportunities.​ Copper generated about $18.2 billion in operating earnings for BHP, overtaking iron ore as the company’s largest earnings contributor. The shift highlights how copper is becoming increasingly central to BHP’s portfolio as stronger prices and expectations of sustained demand improve the economics of developing new supply.​ Against that backdrop, Zambia is re-emerging on BHP’s strategic map. The company has renewed interest in large-scale copper exploration in the country, with a focus on identifying substantial deposits that could support long-life mining operations. The move marks a notable change in BHP’s approach to Africa after years of limited direct exposure to the region.​ The Zambia interest is particularly relevant because BHP’s copper strategy is increasingly focused on securing a deeper pipeline of future resources rather than relying solely on its existing operations. Zambia’s underexplored geology and established Copperbelt infrastructure make it a natural target as competition intensifies for large, high-quality copper deposits.​ From a copper-market perspective, BHP’s renewed attention to Zambia is another indication that major global miners are increasingly looking to Africa for the next generation of copper supply. The significance is less about immediate production and more about exploration capital: when a company of BHP’s scale begins allocating attention and technical resources to a jurisdiction, it can accelerate broader investor interest and increase competition for prospective ground.​ The combination of copper becoming BHP’s largest earnings contributor and Zambia returning to its exploration radar therefore reinforces the country’s growing strategic importance within the global copper supply pipeline.

[SMM Brass Billet Flash] SMM believes that July brass billet imports pulled back sharply MoM, mainly due to China's downstream entering the traditional consumption off-season. End-use demand for brass billet in China was in the doldrums, processing enterprises mainly consumed their own inventory, purchase willingness outside China weakened, and import orders contracted. However, cumulative imports from January to July still achieved positive YoY growth, and supply from outside China continued to supplement the domestic market. Going forward, China's end-use demand for brass billet has not shown clear signs of recovery. If no concentrated restocking occurs, brass billet imports are expected to remain in the doldrums.

[SMM Brass Billet Flash] From the perspective of import source structure, South Korea remained China's largest source of brass billet imports. In July, China imported 893 mt of brass billet from South Korea, down 28.53% MoM and up 22.48% YoY, accounting for 39.58% of total imports for that month. Thailand rose to the second-largest source, with imports of 334.5 mt in July, down 24.76% MoM and up 447.99% YoY. Japan ranked third, importing 326.8 mt in July, down 35.82% MoM and down 29.03% YoY. The three core supplying countries—South Korea, Thailand, and Japan—together accounted for over 60% of total imports in that month, maintaining a stable traditional supply landscape in East Asia.