According to the latest data released by the General Administration of Customs on May 9, China's imports of unwrought copper and copper semis in April were 452,300 mt, with cumulative imports from January to April of 1.5672 million mt, down 9.8% YoY; China's imports of copper ore and concentrates in April were 2.3516 million mt, with cumulative imports from January to April of 9.9146 million mt, down 0.8% YoY. Export side, China's exports of unwrought aluminum and aluminum semis in April were 597,600 mt, with cumulative exports from January to April of 2.0533 million mt, up 8.9% YoY. Below are the detailed data (unit: 100 million yuan RMB): Note: "Flash data" refers to preliminary monthly aggregated customs statistics, subject to the official monthly data formed after corrections to original statistical records. (Wenhua Consolidated)

China Customs data showed that China imported 452,000 tonnes of unwrought copper and copper products in April 2026, with the import value reaching US$5.9428 billion. From January to April 2026, cumulative imports totaled 1.567 million tonnes, down 9.8% year on year, while the cumulative import value stood at US$20.3657 billion, up 21.4% year on year.

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)

According to data from China’s General Administration of Customs, China imported 316,000 tonnes of unwrought copper and copper products in February 2026. For the January–February period, cumulative imports of unwrought copper and copper products reached 700,000 tonnes, down 16.1% year-on-year, compared with 834,000 tonnes imported during the same period last year.

The latest data from the General Administration of Customs show that in June 2025, China exported 154,361 mt of unwrought copper and copper semis, down 33.8% YoY. From January to June, cumulative exports reached 743,254 mt, up 4.9% YoY.

Data released on the website of the General Administration of Customs on June 9 showed that China's imports of copper ores and concentrates reached 2.395 million mt in May, with cumulative imports from January to May totaling 12.406 million mt, up 7.4% YoY. China's imports of unwrought copper and copper semis amounted to 427,000 mt in May, with cumulative imports from January to May totaling 2.169 million mt, down 6.7% YoY. In terms of exports, China's exports of unwrought aluminum and aluminum semis stood at 547,000 mt in May, with cumulative exports from January to May totaling 2.43 million mt, down 5.1% YoY.

According to customs statistics, in the first five months of 2025, the total value of China's import and export of goods trade was 17.94 trillion yuan, up 2.5% YoY (the same hereinafter). Of this total, exports amounted to 10.67 trillion yuan, up 7.2%, while imports reached 7.27 trillion yuan, down 3.8%. In May, the total value of China's import and export of goods trade was 3.81 trillion yuan, up 2.7%. Of this total, exports amounted to 2.28 trillion yuan, up 6.3%, while imports reached 1.53 trillion yuan, down 2.1%. The main characteristics of China's import and export in the first five months are as follows: 1. Growth in import and export of Ordinary Trade and processing trade In the first five months, China's import and export of Ordinary Trade reached 11.51 trillion yuan, up 0.8%, accounting for 64.2% of China's total foreign trade value. Of this total, exports amounted to 7.04 trillion yuan, up 7%, while imports reached 4.47 trillion yuan, down 7.8%. During the same period, the import and export of processing trade reached 3.21 trillion yuan, up 6.2%, accounting for 17.9%. Of this total, exports amounted to 1.99 trillion yuan, up 4.5%, while imports reached 1.22 trillion yuan, up 9.3%. In addition, China's import and export through bonded logistics amounted to 2.54 trillion yuan, up 5.9%. Of this total, exports amounted to 1.05 trillion yuan, up 15.8%, while imports reached 1.49 trillion yuan, down 0.2%. 2. Growth in import and export with ASEAN and the EU In the first five months, ASEAN was China's largest trading partner, with the total trade value between China and ASEAN reaching 3.02 trillion yuan, up 9.1%, accounting for 16.8% of China's total foreign trade value. Of this total, exports to ASEAN amounted to 1.9 trillion yuan, up 13.5%, while imports from ASEAN reached 1.12 trillion yuan, up 2.3%. The EU was China's second-largest trading partner, with the total trade value between China and the EU reaching 2.3 trillion yuan, up 2.9%, accounting for 12.8%. Of this total, exports to the EU amounted to 1.57 trillion yuan, up 7.7%, while imports from the EU reached 728.33 billion yuan, down 6.1%. The US was China's third-largest trading partner, with the total trade value between China and the US reaching 1.72 trillion yuan, down 8.1%, accounting for 9.6%. Of this total, exports to the US amounted to 1.27 trillion yuan, down 8.7%, while imports from the US reached 447.51 billion yuan, down 6.3%. During the same period, China's total import and export with countries participating in the Belt and Road Initiative reached 9.24 trillion yuan, up 4.2%. Of this total, exports amounted to 5.34 trillion yuan, up 10.4%, while imports reached 3.9 trillion yuan, down 3.2%. 3. Growth in import and export of private enterprises and foreign-invested enterprises In the first five months, the import and export of private enterprises reached 10.25 trillion yuan, up 7%, accounting for 57.1% of China's total foreign trade value, an increase of 2.4 percentage points compared with the same period last year. Of this total, exports amounted to RMB 6.97 trillion, up 8%, accounting for 65.4% of China's total export value. Imports reached RMB 3.28 trillion, up 4.9%, accounting for 45.1% of China's total import value. During the same period, the import and export volume of foreign-invested enterprises was RMB 5.21 trillion, up 2.3%, accounting for 29% of China's total foreign trade value. Of this, exports were RMB 2.88 trillion, up 6%, and imports were RMB 2.33 trillion, down 1.9%. The import and export volume of state-owned enterprises was RMB 2.44 trillion, down 12.7%, accounting for 13.6% of China's total foreign trade value. Of this, exports were RMB 799.4 billion, up 4.3%, and imports were RMB 1.64 trillion, down 19.1%. IV. Mechanical and electrical products accounted for 60% of exports, with growth in exports of automatic data processing equipment and its parts, integrated circuits, and automobiles. In the first five months, China exported RMB 6.4 trillion worth of mechanical and electrical products, up 9.3%, accounting for 60% of China's total export value. Of this, automatic data processing equipment and its parts were worth RMB 575.23 billion, up 3.9%; integrated circuits were worth RMB 526.4 billion, up 18.9%; and automobiles were worth RMB 351.37 billion, up 6.6%. During the same period, exports of labor-intensive products were RMB 1.66 trillion, down 1.5%, accounting for 15.6%. Of this, textiles were worth RMB 420.14 billion, up 3.7%. Exports of agricultural products were RMB 296.09 billion, up 4.7%. V. Import prices of major bulk commodities such as iron ore, crude oil, and coal fell, while the import value of mechanical and electrical products increased. In the first five months, China imported 486 million mt of iron ore, down 5.2%, with an average import price (the same hereinafter) of RMB 707.2 per mt, down 16.4%; 230 million mt of crude oil, up 0.3%, at RMB 3,864.3 per mt, down 10.6%; 189 million mt of coal, down 7.9%, at RMB 559 per mt, down 22.5%; 49.053 million mt of natural gas, down 9.5%, at RMB 3,274 per mt, down 6.8%; 37.108 million mt of soybeans, down 0.7%, at RMB 3,233.9 per mt, down 13.9%; and 15.98 million mt of refined oil products, down 26.8%, at RMB 4,323.2 per mt, down 0.1%. In addition, China imported 11.698 million mt of primary-shaped plastics, down 2.3%, at RMB 10,600 per mt, down 0.8%; and 2.169 million mt of unwrought copper and copper semis, down 6.7%, at RMB 69,400 per mt, up 6.6%. During the same period, imports of mechanical and electrical products were RMB 2.83 trillion, up 6%. SMM has compiled the import and export situation of some products in the metal industry based on data released by the General Administration of Customs, as follows: Exports: Rare earth exports in May 2025 5,864.6 mt, down 5.7% YoY from May 2024. From January to May 2025, cumulative exports reached 248,270 mt, up 2.3% YoY compared to January-May 2024. In May 2025, steel exports totaled 10.578 million mt, up 9.8% YoY compared to May 2024. From January to May 2025, cumulative exports reached 484,690 mt, up 8.9% YoY compared to January-May 2024 . In May 2025, exports of unwrought aluminum and aluminum semis totaled 5.47 million mt, down 3.2% YoY compared to May 2024. From January to May 2025, cumulative exports reached 2.43 million mt, down 5.1% YoY compared to January-May 2024. Imports: In May 2025, imports of iron ore and concentrates totaled 98.131 million mt, down 3.8% YoY compared to May 2024. From January to May 2025, cumulative imports reached 486.409 million mt, down 5.2% YoY compared to January-May 2024. In May 2025, imports of copper ore and concentrates totaled 2.395 million mt, up 5.8% YoY compared to May 2024. From January to May 2025, cumulative imports reached 12.406 million mt, up 7.4% YoY compared to January-May 2024 . In May 2025, imports of coal and lignite totaled 36.04 million mt, down 17.7% YoY compared to May 2024. From January to May 2025, cumulative imports reached 188.671 million mt, down 7.9 % YoY compared to January-May 2024. In May 2025, imports of rare earths reached 11,700.3 mt, down 14.9% YoY compared to May 2024. From January to May 2025, cumulative imports reached 48,998.0 mt, down 21.7% YoY compared to January-May 2024. In May 2025, steel imports reached 481,000 mt, down 24.5% YoY compared to May 2024. From January to May 2025, cumulative imports reached 2.553 million mt, down 16.1% YoY compared to January-May 2024. In May 2025, imports of unwrought copper and copper semis totaled 4.27 million mt, down 16.9% YoY compared to May 2024. From January to May 2025, cumulative imports reached 2.169 million mt, down 6.7% YoY compared to January-May 2024. 》Click to view the SMM Metal Industry Chain Database Related readings: General Administration of Customs: China's import and export of goods trade increased by 2.5% in the first five months, with exports up 6.3% YoY in May

According to customs statistics, in the first five months of 2025, the total value of China's import and export of goods trade was 17.94 trillion yuan, up 2.5% YoY (the same hereinafter). Of this total, exports amounted to 10.67 trillion yuan, up 7.2%, while imports reached 7.27 trillion yuan, down 3.8%. In May, the total value of China's import and export of goods trade was 3.81 trillion yuan, up 2.7%. Of this total, exports amounted to 2.28 trillion yuan, up 6.3%, while imports reached 1.53 trillion yuan, down 2.1%. The main characteristics of China's import and export in the first five months are as follows: 1. Growth in import and export of Ordinary Trade and processing trade In the first five months, China's import and export of Ordinary Trade reached 11.51 trillion yuan, up 0.8%, accounting for 64.2% of China's total foreign trade value. Of this total, exports amounted to 7.04 trillion yuan, up 7%, while imports reached 4.47 trillion yuan, down 7.8%. During the same period, the import and export of processing trade reached 3.21 trillion yuan, up 6.2%, accounting for 17.9%. Of this total, exports amounted to 1.99 trillion yuan, up 4.5%, while imports reached 1.22 trillion yuan, up 9.3%. In addition, China's import and export through bonded logistics amounted to 2.54 trillion yuan, up 5.9%. Of this total, exports amounted to 1.05 trillion yuan, up 15.8%, while imports reached 1.49 trillion yuan, down 0.2%. 2. Growth in import and export with ASEAN and the EU In the first five months, ASEAN was China's largest trading partner, with the total trade value between China and ASEAN reaching 3.02 trillion yuan, up 9.1%, accounting for 16.8% of China's total foreign trade value. Of this total, exports to ASEAN amounted to 1.9 trillion yuan, up 13.5%, while imports from ASEAN reached 1.12 trillion yuan, up 2.3%. The EU was China's second-largest trading partner, with the total trade value between China and the EU reaching 2.3 trillion yuan, up 2.9%, accounting for 12.8%. Of this total, exports to the EU amounted to 1.57 trillion yuan, up 7.7%, while imports from the EU reached 728.33 billion yuan, down 6.1%. The US was China's third-largest trading partner, with the total trade value between China and the US reaching 1.72 trillion yuan, down 8.1%, accounting for 9.6%. Of this total, exports to the US amounted to 1.27 trillion yuan, down 8.7%, while imports from the US reached 447.51 billion yuan, down 6.3%. During the same period, China's total import and export with countries participating in the Belt and Road Initiative reached 9.24 trillion yuan, up 4.2%. Of this total, exports amounted to 5.34 trillion yuan, up 10.4%, while imports reached 3.9 trillion yuan, down 3.2%. 3. Growth in import and export of private enterprises and foreign-invested enterprises In the first five months, the import and export of private enterprises reached 10.25 trillion yuan, up 7%, accounting for 57.1% of China's total foreign trade value, an increase of 2.4 percentage points compared with the same period last year. Of this total, exports amounted to RMB 6.97 trillion, up 8%, accounting for 65.4% of China's total export value. Imports reached RMB 3.28 trillion, up 4.9%, accounting for 45.1% of China's total import value. During the same period, the import and export volume of foreign-invested enterprises was RMB 5.21 trillion, up 2.3%, accounting for 29% of China's total foreign trade value. Of this total, exports amounted to RMB 2.88 trillion, up 6%, and imports reached RMB 2.33 trillion, down 1.9%. The import and export volume of state-owned enterprises was RMB 2.44 trillion, down 12.7%, accounting for 13.6% of China's total foreign trade value. Of this total, exports amounted to RMB 799.4 billion, up 4.3%, and imports reached RMB 1.64 trillion, down 19.1%. IV. Mechanical and electrical products accounted for 60% of exports, with exports of automatic data processing equipment and its parts, integrated circuits, and automobiles increasing In the first five months, China exported mechanical and electrical products worth RMB 6.4 trillion, up 9.3%, accounting for 60% of China's total export value. Of this total, automatic data processing equipment and its parts accounted for RMB 575.23 billion, up 3.9%; integrated circuits accounted for RMB 526.4 billion, up 18.9%; and automobiles accounted for RMB 351.37 billion, up 6.6%. During the same period, China exported labor-intensive products worth RMB 1.66 trillion, down 1.5%, accounting for 15.6%. Of this total, textiles accounted for RMB 420.14 billion, up 3.7%. Exports of agricultural products reached RMB 296.09 billion, up 4.7%. V. Import prices of major bulk commodities such as iron ore, crude oil, and coal fell, while the import value of mechanical and electrical products increased In the first five months, China imported 486 million mt of iron ore, down 5.2%, with an average import price (the same hereinafter) of RMB 707.2 per mt, down 16.4%; 230 million mt of crude oil, up 0.3%, at RMB 3,864.3 per mt, down 10.6%; 189 million mt of coal, down 7.9%, at RMB 559 per mt, down 22.5%; 49.053 million mt of natural gas, down 9.5%, at RMB 3,274 per mt, down 6.8%; 37.108 million mt of soybeans, down 0.7%, at RMB 3,233.9 per mt, down 13.9%; and 15.98 million mt of refined oil products, down 26.8%, at RMB 4,323.2 per mt, down 0.1%. In addition, China imported 11.698 million mt of primary-formed plastics, down 2.3%, at RMB 10,600 per mt, down 0.8%; and 2.169 million mt of unwrought copper and copper semis, down 6.7%, at RMB 69,400 per mt, up 6.6%. During the same period, China imported mechanical and electrical products worth RMB 2.83 trillion, up 6%.

In Q1, supported by the tight global supply of copper concentrates, the center of copper prices shifted significantly higher YoY, with the most-traded contract climbing to a historical high of RMB 83,320/mt.

In Q1 this year, supported by the tight global supply of copper concentrates, the center of copper prices shifted significantly higher compared to last year, with the most-traded contract climbing to a historical high of 83,320 yuan/mt. However, during the domestic Qingming Festival holiday, affected by the US's "reciprocal tariff" policy, copper prices plummeted, falling to a low of 71,320 yuan/mt, a drop of 12,000 yuan/mt from the year's peak, representing a decline of over 14%. Looking ahead, the center of copper prices is expected to move further downward. Supply side, with the expansion of the Kamoa and Oyu Tolgoi mines and the commissioning of the new Malmyz mine, global copper mine production is expected to grow by 2.3% in 2025. Meanwhile, the continuous expansion of China's capacity, along with the start-up of new capacities in Indonesia, India, and the DRC, will ultimately drive a 2.9% YoY increase in copper cathode production in 2025. Despite the simultaneous growth in copper mine and copper cathode capacities, the tight global supply of copper concentrates is expected to persist. Currently, copper concentrate treatment charges (TCs) have remained in negative territory for multiple months. As of May 23, spot TCs fell to -$44.25/dmt. In May, the cost of producing copper cathode from copper concentrates exceeded the domestic spot price by 4,705-5,455 yuan/mt. When considering the profit from sulphuric acid sales, the domestic sales loss for copper cathode narrowed to -3,266 to -2,516 yuan/mt. Long-term contract TCs remained at $23.25/dmt. After accounting for the profit from sulphuric acid sales, the domestic sales loss for copper cathode ranged from -2,751 to -700 yuan/mt. The fact that the production cost of copper cathode exceeds the domestic selling price, on one hand, supports copper prices from the cost side; on the other hand, it may dampen the production enthusiasm of smelters, constraining a significant increase in copper cathode production. Previously, influenced by changes in the market supply-demand pattern, the domestic import window for copper cathode closed, while the export window opened. Domestic smelters actively expanded export trade to secure profits. Data shows that in April, domestic copper cathode exports increased by approximately 10,000 mt MoM, while net imports decreased by 15,000 mt MoM. Coupled with the sufficient supply of copper concentrates and the increase in smelters' operating rates, copper cathode production increased by approximately 10,000 mt MoM in April. From the perspective of raw material reserves, domestic imports of copper concentrates, copper scrap, and copper anode increased MoM in April, laying the foundation for production in May. Entering May, with the continuous opening of the export window for copper cathode and the scale of production resumptions at copper cathode enterprises exceeding that of maintenance, domestic copper cathode production is expected to remain at a high level. Driven by the US's tariff reduction policy, the country's imports of copper products have increased significantly. Data shows that the US's imports of copper cathode in January, February, and March were 58,000 mt, 76,000 mt, and 123,000 mt, respectively. In April, imports exceeded 170,000 mt, hitting a record high. UBS analysts expect that approximately 250,000 to 300,000 mt of additional copper will flow into the US market between March and May, indicating that the US refined copper imports in H1 have nearly reached the full-year level of 2023. Against the backdrop of a surge in US copper product imports, China has emerged as the primary supplier, leveraging its cost and capacity advantages, driving up domestic demand for copper semis exports. In April, exports of unwrought copper and copper semis increased by nearly 10,000 mt month-on-month (MoM), while imports either decreased or slowed down in growth MoM, resulting in a 40,000 mt decline in net imports. Despite robust export demand, the characteristics of the off-season for domestic downstream copper enterprises began to emerge in the last week of May. SMM survey data shows that the weekly operating rates of copper cathode rod, secondary copper rod, wire and cable, and enamelled wire enterprises were 70.64%, 22.14%, 82.34%, and 83.90%, respectively, decreasing by 2.62 percentage points, increasing by 0.27 percentage points, decreasing by 1.05 percentage points, and decreasing by 0.50 percentage points MoM. Among them, copper consumption in the air conditioning and new energy sectors both decreased MoM. Specifically, the total production schedules for household air conditioners in China for May, June, and July were 23.3 million units, 20.978 million units, and 18.4206 million units, respectively, showing a month-on-month decline. In the NEV market, retail sales from May 1 to 26 reached 574,000 units, up 2% MoM from April, while nationwide passenger vehicle producers' new energy wholesale sales reached 620,000 units, down 3% MoM from April. The trend of global copper inventories continuing to shift towards the US is significant. As of May 29, SHFE and LME copper warrants decreased to 32,000 mt and 152,000 mt, respectively, with MoM declines of 6% and 25%. As of May 28, COMEX copper inventories increased to 179,700 mt, up 37% MoM. This data change reflects that copper inventories are shifting from the Asian and European markets to the US market. Looking ahead, although the early release of future demand for US imports has provided short-term support for copper prices, copper prices still face downward risks amid intensified volatility in the US and Japanese stock, bond, and currency markets, as well as the gradual entry of the domestic copper market into the off-season for purchases and sales. (Source: Futures Daily)