China's Copper Anode Market Plunges into Record Lows Amid Supply Crunch
The copper anode market in China is facing a severe supply-demand imbalance. In the first half of 2026, domestic producers of scrap-derived blister copper and copper anodes struggled with differentiation between tax-inclusive and tax-exclusive raw materials.
As of August 7, supply-side constraints on raw materials intensified, while smelters' stockpiling demand remained rigid. The SMM weekly blister copper RCs cif China were quoted at $80-90/mt, and the weekly copper anode processing fees in China fell to their lowest points of the year.
The policy tightening in the copper scrap industry is a major factor contributing to the supply constraints. With copper prices rising recently, the price spread between primary metal and scrap has widened, providing some relief to raw material supply pressure.