China’s Copper Concentrate Imports Dip in November Amid Smelter Maintenance

China’s copper concentrate and ore imports in November 2024 totaled 2.245 million metric tons, marking a decline of 2.98% month-on-month (MoM) and 8.1% year-on-year (YoY). This monthly import volume fell below the annual average level of 2.33 million metric tons. Despite the November downturn, cumulative imports from January to November reached 25.645 million metric tons, up 2.14% YoY.

On the demand side, smelter maintenance activities significantly impacted November’s import figures. Maintenance work affected several major facilities, including Yangxin Hongsheng Copper, JCC Guoxing (Yantai), Zhongtiaoshan Nonferrous Metals Group’s Houma Smelter, and others, representing a combined smelting capacity of 2.34 million metric tons. This reduced demand for copper concentrates during the month.

According to a survey conducted by SMM, most smelters undergoing maintenance are expected to resume operations in December, potentially boosting demand for copper concentrates. SMM forecasts that China’s copper concentrate and ore imports for December 2024 will rebound to approximately 2.35 million metric tons, a 4.68% MoM increase. Total imports for 2024 are projected to reach 28 million metric tons, up 1.5% YoY but slightly below the earlier forecast of 28.56 million metric tons.