China Blister Copper Market Faces Supply-Demand Imbalance Amid Strict Bill Supervision
The copper price center shifted upward in August 2026, causing the price difference between copper cathode and copper scrap to widen. However, this price difference did not lead to a significant increase in the supply of secondary blister copper and copper anode.
This was due to strict bill supervision and the persistence of tax-included and tax-excluded raw materials. Tax-excluded cargoes struggled to enter the smelting system smoothly, while tax-included cargoes were relatively tight. As a result, the effective supply of copper scrap was constrained.
Copper anode imports in China rose 4.83% month-over-month and 3.97% year-over-year from January to July, but the actual increase was limited. Meanwhile, demand-side pressure emerged as smelters stockpiled raw materials ahead of concentrated maintenance in Q4, amplifying marginal procurement demand.
The resulting supply-demand imbalance led to a decline in RCs (refined copper) to their lowest level this year. SMM expected the suppressing factors on the supply side to continue into September, including strict bill supervision and unfavorable futures-spot structures.