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)

In April 2026, China's copper cathode import and export market exhibited a clear pattern of "rising imports and falling exports.

The share of EQ copper cathode in imports continued to expand in Q1 2026. Following shares of 68.12% and 70.78% in January and February respectively, the EQ share further climbed to 73.53% in March. Looking at the seasonal charts from 2022 to 2026, March tends to be the annual peak for EQ share. This year's 73.53% not only exceeded the same period in 2024 and 2025, but also confirmed that under the reality of inverted SHFE/LME price ratio and import windows under pressure, EQ sources have further consolidated their position as the "main force" of China's copper cathode imports. Supply side, the previously noted "African source diversion" phenomenon was confirmed in March data. As the US increased its stockpiling of global copper cathode resources, changes in the flow of African sources remain worth monitoring. Taking DRC as an example, its March supply rebounded from 64,900 mt in February to 93,100 mt, but still fell short of January's level. This indicates that although African sources previously affected by logistics and other factors have partially recovered, under the backdrop of global resource reallocation and long-term contract diversions by multinational giants, the incremental space for DRC copper cathode flowing into China is constrained, and the price spread between EQ and registered copper continues to narrow. Unlike the supply situation of African sources, Russian and Kazakh sources saw significant growth in March. Breaking the previously relatively stable monthly import trend, Russia's copper cathode imports rose to 49,700 mt in March, a notable increase MoM, while Kazakhstan also rose to 13,900 mt. These additional EQ resources effectively filled the gap left by constrained African sources. Considering that sulfur supply and shipping capacity issues in Africa have not been fully resolved, the incremental flow of African SX-EW copper to China is expected to remain limited going forward. However, given the overall limited imports, the share of EQ copper imports is expected to remain elevated.

[SMM Data: Complete Summary of SMM March 2026 Import and Export Data] SMM March 2026 import and export data showed: copper cathode net imports were lower YoY; primary aluminum imports reached 255,000 mt, up 14.8% YoY; refined lead imports surged significantly; zinc ingot imports were up 220% MoM; tin ore imports were up 122% YoY; silver imports were up 93% MoM; steel exports rebounded MoM; PV module export value was up 122.7% MoM; silicon metal exports were up 43% MoM, and magnesium exports hit a multi-year high. Among new energy materials, exports of LiPF6 and artificial graphite surged significantly.

Data from the online query platform of customs statistics showed that China's copper cathode imports in March 2026 totaled 279,368.28 mt, up 37.22% MoM and down 21.12% YoY. China imported 99,134 mt of copper cathode from the DRC in March, up 40.29% MoM and down 11.90% YoY. China imported 50,000.35 mt of copper cathode from Russia in March, up 161.09% MoM and down 31.48% YoY. Export side, China's copper cathode exports in March 2026 totaled 58,213.02 mt, down 25.59% MoM and down 14.40% YoY. China exported 20,773.82 mt of copper cathode to Taiwan, China in March, down 27.00% MoM and down 1.54% YoY. China exported 14,825.88 mt of copper cathode to Vietnam in March, up 324.68% MoM and up 109.54% YoY. Below is a breakdown of import data compiled from the General Administration of Customs website: Origin Mar 2026 (mt) MoM YoY DRC 99,134 40.29% -11.90% Russia 50,000.35 161.09% -31.48% Chile 22,176.40 -12.79% -50.96% Japan 16,813.32 149.84% 1.38% Kazakhstan 14,609.34 70.94% -27.94% Zambia 11,917.14 -48.13% -8.35% Australia 10,361.24 3,338.25% 179.50% Pakistan 8,398.21 14.35% 64.90% Myanmar 5,120.18 8.98% 278.21% Indonesia 5,019.44 340.72% 284.62% Peru 4,153.01 -22.79% -59.93% Uzbekistan 4,085.00 30.57% 44.14% Serbia 4,013.21 223.16% 71.66% Netherlands 3,492.23 - - South Africa 3,158.74 75.66% 93.03% UAE 2,332.17 -32.74% -82.42% Qatar 1,490.99 81.41% 2.66% Laos 1,240.29 149.66% 120.76% India 1,135.97 -17.24% 23.41% Spain 1,112.20 - 95.25% Poland 1,040.86 -65.70% -67.21% Belgium 991.46 - -63.55% South Korea 955.28 380.10% -74.44% Egypt 741.65 288.74% 486.40% Turkey 679.23 37.84% -65.17% Thailand 672.95 35.89% -22.71% Malaysia 613.67 -31.49% -74.16% Congo Republic 526.09 - 26.03% China 494.64 -93.81% -87.52% Morocco 393.22 -85.83% -34.82% Oman 344.97 0.02% 584.33% Georgia 328.85 192.31% 47.21% Mexico 306.63 -38.01% -85.20% Mongolia 266.98 -63.16% -86.27% Tajikistan 214.46 -36.44% 8.38% Taiwan, China 184.36 794.98% -51.82% Guinea 127.41 -29.09% -28.30% Sierra Leone 103.81 39.79% - Gabon 98.77 36.40% 113.83% Bolivia 84.3 1,045.38% -78.08% Canada 82.92 245.42% 63.55% Jordan 75.4 - -24.74% Mauritius 70.29 188.67% - Angola 50.48 -66.97% - Mozambique 48.2 - - Kenya 25 - - Brazil 23.48 - - Hong Kong, China 20.98 - 419,500.00% Germany 20.09 -40.76% 143.80% Finland 18.41 -38.81% - US 0.02 118.18% - Italy 0.02 - 15.00% Total 279,368.28 37.22% -21.12% Source: General Administration of Customs Below is a breakdown of export data compiled from the General Administration of Customs website: Destination Mar 2026 (mt) MoM YoY Taiwan, China 20,773.82 -27.00% -1.54% Vietnam 14,825.88 324.68% 109.54% Thailand 9,501.22 86.48% 99.85% South Korea 4,974.88 -79.95% -57.72% Malaysia 4,372.73 157.42% 631.26% Indonesia 1,403.09 -24.76% 99.96% India 1,202.46 -77.01% 9,249,569.23% Pakistan 548.46 171.61% 265.62% Bangladesh 504.81 25,140.40% - UAE 100.48 - - Tanzania 4.57 - - Hong Kong, China 0.61 - - UK 0.01 1,000.00% - Belgium 0.01 66.67% - Total 58,213.02 -25.59% -14.40% Source: General Administration of Customs (Wenhua Comprehensive)

[SMM Copper Import & Export Data] According to customs data, copper cathode imports in March 2026 totaled 234,600 mt, up 53.33% MoM but down 24.03% YoY; cumulative imports were down 29.79% YoY. Copper cathode exports totaled 58,200 mt, down 25.6% MoM and down 14.4% YoY, while cumulative exports were up 95.59% YoY.

According to the latest data disclosed by the General Administration of Customs, China’s imported copper cathode market, while maintaining the 2025 baseline, is facing dual challenges: the continued rise in the share of EQ copper and whether global supply will continue to be diverted. China’s cumulative copper cathode imports in January-February 2026 totaled 356,900 mt, down 33.13% YoY.

Data released by the online query platform of customs statistics showed that China’s copper cathode imports in February 2026 were 203,588.22 mt, down 18.78% MoM and down 33.28% YoY. The DRC was the largest origin, with China importing 70,661.8 mt of copper cathode from the DRC during the month, down 33.06% MoM and down 28.63% YoY. Chile was the second-largest origin, with China importing 25,429.03 mt of copper cathode from Chile during the month, up 8.18% MoM and down 32.18% YoY. The following is a breakdown of China’s copper cathode imports in February 2026, compiled based on data from the official website of the General Administration of Customs: Source: General Administration of Customs Note: 1. Including unwrought copper cathode with a copper content >99.9935%; unwrought other refined copper cathode; unwrought refined copper wire bars; unwrought refined copper cathode sections; unwrought refined copper billets; and other unwrought refined copper. 2. The total imports (grand total) also include data for some origins not listed in the table above. (Wenhua Composite)

As of January 20, 2026, the full-year import data for copper cathode in 2025 has been disclosed. According to data compiled by SMM from the General Administration of Customs, EQ copper cathode (referring primarily to copper cathode not registered with the SHFE or LME, as well as a small portion of registered cathode still traded as EQ in the domestic market) accounted for 67.54% of China's total imports in 2025, an increase of 5.37 percentage points compared to 2024.