China's Copper Scrap Imports Rise 8.39% YoY in H1 2026 Amid Structural Shortage

China's copper scrap imports continued their upward trend in H1 2026, with physical content reaching 1.2415 million mt, up 8.39% YoY. The market experienced a 'starting high then adjusting' pattern, with imports peaking at 232,300 mt in January and 227,600 mt in March before pulling back in April and May.

The import structure remained dominated by Asian sources, particularly Japan and Thailand, which held the top two supplier positions. In June, Thailand led with 37,300 mt, up 41.41% MoM and YoY, while Japan followed with 36,100 mt, up 27.24% MoM and YoY.

The import growth was driven by several factors, including the shortage of tax-included copper scrap in China, the ongoing tightness in copper concentrates, and the periodic opening of the import profit window. However, the market faced constraints such as contracted supply outside China, narrowed import profit margins, and weakened stimulus from high copper prices on copper scrap supply.