Data released by the online customs statistics query platform show that China's imports of copper cathode in June 2026 were 333,070.07 mt, up 5.37% MoM and down 1.18% YoY. China imported 154,839.76 mt of copper cathode from DRC in June, up 20.39% MoM and up 30.91% YoY. China imported 35,738.03 mt of copper cathode from Russia in June, up 19.72% MoM and down 20.85% YoY. On the export side, China's exports of copper cathode in June 2026 were 48,500.09 mt, up 144.25% MoM and down 38.62% YoY. China exported 25,104.69 mt of copper cathode to the US in June, down 22.93% YoY. China exported 9,977.04 mt of copper cathode to Thailand in June, up 30.20% MoM and up 57.20% YoY. The following table provides a breakdown of exports data compiled from the official website of the General Administration of Customs of China: Destination June 2026 (mt) MoM YoY US 25,104.69 - -22.93% Thailand 9,977.04 30.20% 57.20% Taiwan, China 4,709.75 7.09% -53.44% Vietnam 3,852.56 -16.25% -62.84% Indonesia 2,298.32 34.99% 228.49% Malaysia 2,145.89 329.89% 273.09% Japan 399.25 32.94% - Djibouti 12.57 - - Total 48,500.09 144.25% -38.62% Source: General Administration of Customs (Wenhua Composite)

In May 2026, China's copper cathode import and export market continued and deepened the pattern of "rising imports, falling exports". Driven by phased changes in domestic demand and the import arbitrage window, copper cathode imports kept climbing steadily, while exports contracted notably following the high base earlier.

In May, China's copper cathode imports rebounded to 282,300 mt, up 4.38% MoM and up 10.20% YoY. The continuous rebound in imports in May effectively alleviated the tight supply of some spot copper in China. However, from a longer-term perspective, cumulative imports from January to May stood at 1.1443 million mt, still down 15.69% YoY, reflecting a structural adjustment in the overall import flows of long-term contracts and spot cargo this year compared to previous years.

Data released by the General Administration of Customs’ online query platform showed that China’s imports of copper cathode in May 2026 were 316,094.23 mt, up 0.09% MoM and up 7.99% YoY. In May, China imported 128,615.64 mt of copper cathode from the DRC, down 12.76% MoM and up 42.43% YoY. In May, China imported 29,851.08 mt from Russia, up 22.80% MoM and down 20.88% YoY. On the export side, China’s exports of copper cathode in May 2026 were 19,857.06 mt, down 22.45% MoM and down 41.14% YoY. In May, China exported 7,663.11 mt of copper cathode to Thailand, down 10.32% MoM and up 9.65% YoY. In May, China exported 4,600.10 mt to Vietnam, up 13.11% MoM and down 41.58% YoY. Below is a breakdown of import data by origin based on China Customs statistics: Origin May 2026 (mt) MoM YoY DRC 128,615.64 -12.76% 42.43% Russia 29,851.08 22.80% -20.88% Zambia 20,244.03 84.03% 126.32% Japan 15,969.24 -2.79% -0.05% South Korea 15,370.53 178.87% 116.61% China 14,928.75 5.50% -48.96% Chile 14,028.31 -6.06% -39.16% Kazakhstan 12,726.46 -34.96% -21.19% Uzbekistan 8,967.50 98.20% 137.48% Australia 8,321.78 6.14% 44.62% Indonesia 5,021.60 -22.57% -0.95% Serbia 4,990.42 252.61% -40.42% Poland 4,680.62 39.05% 29.53% Pakistan 4,402.80 -42.32% 15.73% Myanmar 4,379.73 -21.38% 130.09% India 4,008.66 -39.87% 370.26% Peru 3,881.38 -42.17% -10.35% South Africa 2,285.43 -5.57% 6.68% Netherlands 1,981.23 299.77% -73.37% Tanzania 1,482.72 98.52% 257.03% Turkey 1,360.46 66.96% -11.60% Belgium 1,056.91 117.86% - Laos 957.40 23.77% 74.70% Malaysia 744.93 -23.19% -38.74% Morocco 701.01 48.93% 176.47% Thailand 682.26 0.86% -37.37% UAE 674.85 35.03% -87.68% Spain 502.10 - - Mongolia 394.03 -23.37% -72.77% Oman 328.22 8.95% 218.26% Qatar 315.13 -25.49% -75.29% Tajikistan 308.94 -62.58% 10.48% Mexico 204.16 - -87.48% Jordan 200.85 169.09% 290.61% Bolivia 200.09 - 373.33% Gabon 192.18 155.67% 160.26% Guinea 180.01 76.46% 1.64% Taiwan, China 178.58 -31.28% -30.34% Egypt 137.44 -74.79% -50.63% Saudi Arabia 118.12 626.46% -32.27% Mauritius 97.27 90.65% 259.46% Canada 87.93 152.35% 129.61% Angola 75.49 -80.03% - France 50.64 - - Sierra Leone 50.62 -33.69% - Georgia 43.59 82.22% 81.61% Lebanon 39.79 - - Brazil 23.03 - -14.72% Rwanda 22.08 -11.68% - Germany 15.01 - -36.77% Tunisia 13.02 - - US 0.20 -1.51% - Total 316,094.23 0.09% 7.99% Source: China Customs Below is a breakdown of export data by destination based on China Customs statistics: Destination May 2026 (mt) MoM YoY Thailand 7,663.11 -10.32% 9.65% Vietnam 4,600.10 13.11% -41.58% Taiwan, China 4,397.79 -32.29% 21.12% Indonesia 1,702.60 -14.81% 325.62% Brazil 693.46 - - Malaysia 499.18 -83.89% -44.48% Japan 300.32 - - South Korea 0.50 -99.91% - Total 19,857.06 -22.45% -41.14% Source: China Customs (Wenhua Composite)

According to online query data from the General Administration of Customs, China's copper cathode imports in April totaled 315,798 mt, up 5.2% YoY and up 13.04% MoM, the highest since October last year. The main increase was contributed by the Congo, whose monthly shipments surged by nearly 50%, while Kazakhstan's supply also increased and Russia's supply pulled back. Previously, China's import window opened intermittently. Demand was already strong in the traditionally robust April, and with domestic copper prices hovering below the 100,000 mark, downstream procurement demand warmed overall. Among them, non-registered and non-standard brand cargoes from the Congo had price advantages and good liquidity, making them popular in the market, with increased inflows. In addition, Q2 is the peak maintenance season for domestic smelters, and the market had expectations of a decline in China's copper cathode production. NBS data showed that China's copper cathode production in April fell 4.6% MoM to 1.269 million mt, confirming the pullback in production, and China's import demand picked up. Recently, domestic demand has cooled somewhat, and the copper cathode import window has opened intermittently. However, affected by geopolitical tensions in the Middle East, sulfur imports in African countries such as the Congo have been impacted. Attention should be paid to the subsequent effects on local SX-EW copper production and whether it will impact their copper cathode exports. Data source: General Administration of Customs Meanwhile, online query data from the General Administration of Customs showed that China's copper cathode exports in April totaled 25,605.82 mt, marking a fifth consecutive monthly decline since November 2025, down 56% MoM and down 67% YoY. In April, the domestic export window was largely closed, and domestic smelters began deploying maintenance plans, limiting export enthusiasm. Data source: General Administration of Customs (Wenhua Composite)

Data from the online customs statistics query platform showed that China's copper cathode imports in April 2026 totaled 315,798.48 mt, up 13.04% MoM and up 5.20% YoY. China imported 147,428.95 mt of copper cathode from the DRC in April, up 48.72% MoM and up 29.56% YoY. China imported 24,309.19 mt of copper cathode from Russia in April, down 51.38% MoM and down 4.86% YoY. Export side, China's copper cathode exports in April 2026 totaled 25,605.82 mt, down 56.01% MoM and down 67.05% YoY. China exported 8,545 mt of copper cathode to Thailand in April, down 10.06% MoM and down 33.74% YoY. Below is a breakdown of export data compiled from the General Administration of Customs website: Destination April 2026 (mt) MoM YoY Thailand 8545.00 -10.06% -33.74% Taiwan, China 6495.34 -68.73% 4.84% Vietnam 4066.94 -72.57% -60.37% Malaysia 3098.77 -29.13% 674.63% Indonesia 1998.63 42.45% 566.47% South Korea 551.42 -88.92% -93.31% Bangladesh 499.78 -1.00% - Pakistan 199.94 -63.55% -19.91% Singapore 149.97 - -92.11% UK 0.02 63.64% 260.00% Total 25605.82 -56.01% -67.05% Data source: General Administration of Customs (Wenhua Comprehensive)