Africa New Capacity Dominates Incremental Supply; China's Copper Anode Imports Up MoM in April [SMM Analysis]

SMM May 20 News:

According to data from the General Administration of Customs, China imported 72,700 mt of copper anode (HS code: 74020000) in April 2026, up 5.64% MoM and down 2.10% YoY. Cumulative copper anode imports from January to April 2026 totaled 263,200 mt, up 7.54% YoY cumulatively.

By country, China imported 35,000 mt of copper anode from Zambia in April 2026, accounting for 48.16% of total imports, up 6.59% MoM and down 10.79% YoY. Imports from DRC were 13,600 mt, accounting for 18.74% of total imports, up 30.47% MoM and up 250.23% YoY. Imports from South Africa were 6,400 mt, accounting for 8.76% of total imports, up 16.64% MoM and down 28.65% YoY.

By trade mode, China imported 34,700 mt of copper anode via Ordinary Trade in April 2026; 34,700 mt via processing trade with imported materials; 700 mt via Entry and Exit Goods in Bonded Control Areas; and 2,600 mt via Entrepot Trade by Customs Special Control Area.

Regarding copper scrap ingots, China imported 45,300 mt of copper scrap ingots (red/pure copper ingots) (HS code: 74031900) in April 2026, up 1% MoM and down 6% YoY. Cumulative imports of copper scrap ingots (red/pure copper ingots) from January to April 2026 totaled 187,400 mt, up 20% YoY cumulatively.

China's copper anode imports in April rose MoM but declined YoY. In detail, the MoM increase in April imports mainly came from DRC, as the local Kamoa copper smelting facility (blister copper annual capacity of 500,000 mt) reached full production, with its copper anode arriving at ports in concentrated shipments. Meanwhile, imports from Chile declined notably. After Q2, disruptions from secondary copper industry policies reduced China's scrap-derived blister copper and copper anode supply, China's blister copper RCs dropped sharply, and combined with concentrated maintenance at China's smelters, market demand for imported copper anode rose. Imports in Q2 are expected to be at a relatively high level for the year. In addition, a copper anode smelter in Zambia is undergoing maintenance from early May to month-end of June, so China's copper anode imports in Q3 are expected to decline somewhat.