July 2026 Copper Anode Imports Hit Year High, Cumulative Imports Edge Up YoY [SMM Analysis]

SMM August 21 News:

According to data from the General Administration of Customs, China imported 76,600 mt of copper anode (HS code: 74020000) in July 2026, up 4.83% MoM and down 9.07% YoY; cumulative imports for January-July 2026 totaled 481,500 mt, up 3.97% YoY cumulatively.

By country, in July 2026, China imported 28,500 mt of copper anode from Zambia, accounting for 37.23% of total imports, up 3.22% MoM and down 22.76% YoY; imports from DRC stood at 19,700 mt, accounting for 25.76%, down 17.66% MoM and up 99.68% YoY; imports from South Africa were 6,800 mt, accounting for 8.93%, up 26.95% MoM and up 43.56% YoY.

By trade mode, in July 2026, China imported 42,400 mt of copper anode under Ordinary Trade; 29,500 mt under processing trade with imported materials; 1,900 mt as Entry and Exit Goods in Bonded Control Areas; and 2,800 mt as Entrepot Trade by Customs Special Control Area.

For copper scrap ingot (red/purple copper ingot, HS code: 74031900), China imported 34,500 mt in July 2026, down 29% MoM and down 6% YoY; cumulative imports for January-July 2026 totaled 304,600 mt, up 16% YoY cumulatively.

Copper anode imports rose MoM in July 2026 and hit a new monthly high for the year. Among them, imports from Asian regions saw overall growth, mainly due to the opening of the import window from late June to July, creating profit margins. In addition, imports of scrap-derived copper anode from South Africa and other regions also contributed to the growth.

Looking ahead, affected by the poor spot-futures structure in August and the inversion of import profit margins, spot order imports are expected to decline. After Q3, local blister capacity in Zambia will undergo maintenance, coupled with high African logistics transportation costs and port congestion in China, imports are expected to see no significant growth.