[SMM Analysis:China's December copper concentrate import data guide the future supply-demand balance of copper concentrate in China.]According to data from the General Administration of Customs, China imported 2.704 million dmt of copper ore and its concentrates in December 2025, an increase of 7% month-on-month and 7.2% year-on-year. From January to December, China’s cumulative imports of cu cons reached 30.365 million dmt, a cumulative year-on-year increase of 7.8%. Throughout 2025, imports of copper concentrates repeatedly hit new historical highs. In April 2025, China imported 2.924 million dmt of cu cons, marking the highest monthly import volume on record. In August 2025, imports reached 2.759 million dmt, the second highest in history. In December 2025, imports amounted to 2.704 million dmt, ranking as the third highest monthly import volume on record.

Consumption weakened during the week, with both supply and demand in the North China market showing relatively small strength. Spot premiums/discounts fluctuated slightly. Today, spot #1 copper cathode in North China was trading at a discount of 160 yuan/mt to 100 yuan/mt against the front-month contract, with an average discount of 130 yuan/mt, a decrease of 10 yuan/mt from the previous trading day. The transaction price ranged from 79,440 yuan/mt to 79,600 yuan/mt, with an average price of 79,520 yuan/mt, an increase of 30 yuan/mt from the previous trading day.

To help enterprises in the copper processing industry chain get to know inventory and gain a precise understanding of market supply and demand dynamics, SMM Metal Database has launched a weekly inventory days indicator for copper processed materials, creating a comprehensive tool for monitoring the dynamics of copper processed material inventory!