China Increases Copper Concentrate Imports from Russia Despite Decline in Finished Copper Exports

From January to September 2024, China significantly increased its imports of copper concentrate from Russia, as reported by Vedomosti, citing data from the Main Customs Department of China. Over this period, imports of raw copper materials rose by 36% year-on-year, totaling 310,000 tons. Conversely, exports of finished copper products, including wire, profiles, sheets, tubes, and rods, saw a decrease of 18%, amounting to 226,700 tons.

Copper and its alloys are vital components for use in cathode materials in electric vehicle (EV) traction batteries. Production of electric vehicles and hybrids in China increased by 32% year-on-year, reaching 8.31 million units in 2024, according to the Chinese Association of Automobile Manufacturers.

Boris Krasnozhenov, head of Securities Markets Analytics at Alfa Bank, noted that China consumes approximately 60% of the world’s copper production, despite being the world's fourth-largest producer of copper ore. To meet domestic demand, around two-thirds of China’s copper is imported. Over the first nine months of 2024, imports of copper concentrate increased by nearly 4% year-on-year, totaling 21.06 million tons.