》View SMM Metal Quotes, Data, and Market Analysis
》Subscribe to View Historical Price Trends of SMM Metal Spot Cargo
In 2024, China's total imports of copper cathode reached 3.7389 million mt, an increase of 6.49% YoY. SMM compared the sources of copper cathode from major non-registered (not registered with LME or SHFE) producing countries, and the proportion of non-registered copper cathode in China's imports was 62.17% in 2024.
Notably, in December, China's imports of copper cathode amounted to 370,400 mt, of which non-registered sources accounted for 253,500 mt, representing 68.43% of the total.
Throughout the year, the top three non-registered copper cathode producing countries imported by China in 2024 were the DRC, Russia, and Kazakhstan. The imports from these three countries totaled 1.977 million mt, accounting for 52.88% of the total imports.
With the increase in non-registered imports and the growing acceptance of such sources in the Chinese market downstream, the prices of non-registered sources have risen year by year. According to SMM data, the annual average price of non-registered sources in the domestic trade market in 2024 was approximately 94 yuan/mt lower than the SMM hydro copper price and about 156 yuan/mt lower than the SMM standard-quality copper price. It is understood that in 2025, the domestic trade market contracts for non-registered copper cathode sources are generally priced at around 150 yuan/mt below the SMM standard-quality copper price, with variations depending on brand and delivery date.
》View SMM Metal Industry Chain Database
