Chinese Smelters, Antofagasta Set 2026 Copper Concentrate TC/RC Benchmark at $0/0.0¢

[Latest Data from the General Administration of Customs] In April 2026, China's copper wire rod exports totaled 30,500 mt, up 19.24% MoM and up 112.27% YoY. Exports of refined copper wire with a maximum cross-sectional dimension >6mm were 16,600 mt, up 21.66% MoM and up 108.2% YoY. Exports of other refined copper wire were 13,900 mt, up 16.47% MoM and up 117.36% YoY. (HS code: 74081100, 74081900)

Per SMM research, strict entry regulations (Energy Commission/SIRIM) initially created a protective "moat" for Malaysian copper rod plants, as high compliance costs made imports uncompetitive. However, as overseas supply volumes grow, these upfront costs are being amortized, making imported rods highly price-competitive. Coupled with foreign firms accelerating their overseas expansion, local plants are feeling the squeeze. Impacted by this cost-effective external supply, domestic producers report dropping orders and are forced to slash quotes to defend market share. This local price war is expected to escalate further as direct exports to Malaysia continue to climb.

According to data from the General Administration of Customs, China's copper enamelled wire exports totaled 13,716 mt in April 2026, up 3.77% YoY and up 19.24% MoM. From January to April 2026, China's cumulative copper enamelled wire exports reached 47,510.96 mt, up 4.98% YoY on a cumulative basis. (HS code 85441100)