US Secondary Copper Raw Material Exports: Slight Decline in Chinese Demand, Thailand Market Emerges Strongly [SMM Analysis]

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       According to SMM, in November 2024, the US exported 868,000 mt of secondary copper raw material, up 6.55% MoM and up 10.28% YoY. From January to November 2024, the US cumulatively exported 8.763 million mt of secondary copper raw material, up 9.4% YoY.

       Among these, China remained the largest destination for US secondary copper raw material exports. Although exports to China in November 2024 slightly declined to 357,000 mt, down 2% MoM, they still increased by 7% YoY. However, due to the anticipated impact of US-China trade disputes, US secondary copper raw material exports to China are expected to decline in December and January 2025.

       Additionally, Canada was no longer the second-largest export market for US secondary copper raw material in November. Exports to Canada peaked at 111,000 mt in May 2024 and have since shown a downward trend. As of November 2024, the US cumulatively exported 962,000 mt of secondary copper raw material to Canada. Meanwhile, Thailand has emerged as a new highlight in US secondary copper raw material exports. In November 2024, US exports to Thailand reached a recent high of 103,000 mt, up 17% MoM and up 88% YoY. This growth trend is expected to continue in December and January 2025.

      In summary, although China remains the primary destination for US secondary copper raw material exports, export volumes may decline in the coming months due to various factors. Meanwhile, Thailand, as an emerging market, is playing an increasingly prominent role in US secondary copper raw material exports.