China’s copper concentrate imports dropped sharply in October, falling 11% compared to the same month last year. The decline brought imports down to 2.17 million metric tons, according to customs data released on Tuesday. This follows a slight decrease from September’s 2.48 million tons, signaling ongoing challenges for the country’s smelting industry.
The downturn comes as Chinese smelters face financial strain from negative processing fees and a drop in sulphuric acid prices, which has cut into a key revenue stream. Industry insiders have indicated that production cuts are likely on the horizon as a result.
Meanwhile, imports of unwrought copper and copper products saw a modest decline of 1.7% from September, totaling 453,000 tons. However, this figure still represents a 3.4% increase from the same period last year. Over the first ten months of the year, these imports fell 5.5% to 4.21 million tons.
The data highlights a tightening supply situation in China’s physical copper market, driven by reduced domestic smelter output and limited arrivals of seaborne metal. This has pushed spot premiums to record highs, reflecting the growing strain on copper availability.