African supply shrinks, China's copper anode imports pull back MoM in August 2026 [SMM Analysis]

Published: Sep 21, 2026 15:52

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SMM Analysis: According to data from the General Administration of Customs, China imported 64,500 mt of copper anode (HS code: 74020000) in August 2026, down 15.80% MoM but up 4.85% YoY...

SMM September 21 News:

According to data from the General Administration of Customs, China imported 64,500 mt of copper anode (HS code: 74020000) in August 2026, down 15.80% MoM but up 4.85% YoY. Cumulative imports of copper anode in January-August 2026 reached 546,000 mt, up 4.07% YoY.

By country, China's copper anode imports from Zambia in August 2026 were 23,500 mt, accounting for 36.45% of total imports, down 17.56% MoM and down 17.28% YoY. Imports from the DRC were 14,900 mt, accounting for 23.13%, down 24.40% MoM but up 134.48% YoY. Imports from Malaysia were 5,400 mt, accounting for 8.38%, up 110.25% MoM and up 2,441.61% YoY.

By trade mode, China imported 39,000 mt of copper anode via Ordinary Trade in August 2026, 21,000 mt via processing trade with imported materials, 2,900 mt via Entry and Exit Goods in Bonded Control Areas, and 1,600 mt via Entrepot Trade by Customs Special Control Area.

For copper ingot, China imported 40,000 mt of copper ingot (red/purple copper ingot) (HS code: 74031900) in August 2026, up 16% MoM but down 7% YoY. Cumulative imports of copper ingot (red/purple copper ingot) in January-August 2026 reached 344,600 mt, up 12% YoY.

The MoM pullback in copper anode imports in August 2026 was mainly dragged by reduced African supply, though the significant YoY and MoM growth in Malaysian imports partially offset the supply gap. August marked the tail end of the African rainy season, compounded by a concentrated maintenance window. Additionally, the repeated BACK structure in LME, coupled with import ratio losses, weakened import momentum. Furthermore, persistently high transportation costs for African logistics and port congestion in China are expected to keep copper anode port arrivals from Africa at low levels in Q3-Q4, with limited room for MoM improvement.

Notably, copper anode imports from Malaysia surged significantly, as newly added scrap-based capacity in the region commenced production and ramped up, positioning Southeast Asia to further enhance its role as a transshipment and processing hub.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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