In September, copper anode imports slightly declined, with the total volume in 2024 at a five-year low [SMM Analysis]

According to data from the General Administration of Customs, China imported 74,600 mt of copper anode in September 2024, down 1.68% MoM, up 2.88% YoY. From January to September 2024, cumulative imports of copper anode reached 685,600 mt, down 12.52% YoY.

By country, in September 2024, China imported 32,900 mt of copper anode from Zambia, accounting for 44.10% of the total imports, down 19.55% MoM, up 15.60% YoY. Imports from Chile were 11,100 mt, accounting for 14.91%, up 93.97% MoM, up 31.54% YoY. Imports from the Democratic Republic of Congo were 6,100 mt, accounting for 8.12%, down 8.66% MoM, down 45.68% YoY.

In September, China's copper anode imports slightly declined, mainly due to reduced imports from Africa, although arrivals from South America increased. Overall, as of September 2024, cumulative imports of copper anode were at their lowest in five years. This was partly due to the global shortage of copper concentrate and partly due to the expansion of overseas refining capacity, which increased demand for copper anode. This has been one of the reasons for the tight domestic copper anode market in H2 this year.

Looking ahead, the production of mined copper anode is expected to remain limited this year, with few transactions in the spot market, and import volumes are not expected to see significant growth. However, after Q3, the SHFE/LME price ratio showed a profit opportunity, and given the current tight domestic copper anode market, this may stimulate some increase in imports of copper anode made from scrap.