China's Copper Trade Shifts as Imports Fall and Nickel Demand Surges

China's role in global base metal flows has been a significant factor in recent years due to its status as both the world's largest consumer and producer. The country's refined copper imports have been an important physical indicator for the market, with China playing an outsize role.

In the first half of 2026, China's net imports of refined copper fell by 13% year-on-year to 1.374 million metric tons, according to the World Bureau of Metal Statistics. This is the weakest first-half reading since 2017, with imports falling by 10% while exports rose by 5% to 324,000 tons.

High prices reduced China's import appetite, particularly in the first quarter, but China is now competing with the United States for available copper due to the threat of U.S. import tariffs and the resulting premium commanded by the CME price over international prices.