SMM

According to data from the General Administration of Customs, China imported 60,400 mt of copper anode in October 2024, down 19.07% MoM and 27.44% YoY. From January to October 2024, the cumulative import of copper anode was 746,000 mt, down 13.95% YoY.

By country, in October 2024, China imported 32,900 mt of copper anode from Zambia, accounting for 54.44% of the total imports, down 0.09% MoM and 26.75% YoY. Imports from Chile were 5,500 mt, accounting for 9.13%, down 50.44% MoM and 53.41% YoY. Imports from Pakistan were 5,100 mt, accounting for 8.47%, up 58.27% MoM and 57.56% YoY.

The decline in China's copper anode imports in October was due to reduced supplies from Africa and South America. This was partly due to logistical constraints in Africa and a decline in copper production in Chile. With tight copper ore supply this year, the supply of overseas copper anode was also very limited. This prompted smelters to actively seek copper anode made from scrap. Consequently, imports of copper anode from Asian countries such as Pakistan, the UAE, and Thailand increased.

SMM expects the total copper anode imports for 2024 to be around 900,000 mt, down approximately 100,000 mt YoY. In 2025, the Komoa-Kakula copper smelting project is expected to come online, increasing copper anode imports. However, from the perspective of copper content, it essentially represents a shift in copper concentrate. Under high demand, the copper anode market is expected to remain tight.