China’s Copper Concentrate Imports Fall 11% in October to 2.17 Million Tonnes
Key Facts
China’s copper concentrate imports fell 11% year on year to 2.17 million tonnes in October, according to customs data reported by Reuters via Mining.com.au. The volume was below 2.48 million tonnes in September 2026 and 2.45 million tonnes in October 2025. The monthly decline puts October’s data in the context of falling imports, without the source describing the monthly drop as double-digit. Copper concentrate is the main raw material for smelters, so a shortage limits plants’ ability to maintain production. Cumulative imports also fell in the first ten months, reinforcing the picture of tight raw-material supply.
Concentrate imports totalled 24.14 million tonnes between January and October 2026, compared with 25.09 million tonnes in the same period a year earlier, a decline of 3.8%, Reuters reported. This figure measures raw-material flows to smelters over ten months, not imports of refined copper or finished products. In a separate category, China’s imports of unwrought copper and copper products fell 5.5% to 4.21 million tonnes over the same period, from 4.46 million tonnes a year earlier. In October alone, those imports were 453,000 tonnes, down 1.7% from 461,000 tonnes in September but up 3.4% from 438,000 tonnes in October 2025. The comparison shows a divergence between concentrate imports and unwrought copper, with the latter rising year on year in October despite falling month on month.
Chinese smelters are facing pressure on two fronts in their operating economics, according to the report, which said concentrate treatment charges had turned negative while lower sulfuric acid prices weakened an important source of income that had offset some losses. An analyst at Panmure Liberum said byproducts had been the “only financial relief” for smelters facing treatment and refining charges that had reached zero or deeply negative levels. That support has diminished as acid prices fell. SMM’s spot copper concentrate treatment charge index stood at negative $247.68 per dry metric tonne, a record low, according to a report it published on 27 October. Platts also assessed clean concentrate treatment charges in China at negative $235 per tonne and refining charges at negative 23.5 cents per pound on 8 October, down 81% from 30 June.
Sulfuric acid prices in China fell to about 1,484 yuan per tonne on 5 November, from a July peak of 2,107 yuan, according to Zhuochuang data cited by Reuters. The decline cuts revenue that had helped smelters cope with weak treatment charges. On production, SMM reported that refined copper output was 1.086 million tonnes in October, down 3.03% from September. Scheduled maintenance at major smelters affected about 103,200 tonnes of production during October, while shortages of concentrate and scrap continued to constrain a recovery. SMM forecast output would fall to 1.082 million tonnes in November.
Tight supply has been reflected in the spot market: Reuters reported that lower output from domestic smelters and limited arrivals of seaborne metal pushed spot copper premiums to record levels during October. In a later development on 6 November, Shanghai’s spot cathode copper premium reached a record, according to the EL7.AI page linked to the event. This indicator concerns spot cathode copper in Shanghai and is not a price for October concentrate imports. These signs of a tight market come alongside declining flows of the raw material needed by smelters. By contrast, China’s total imports rose 41.6% year on year in October, according to customs data published on 10 November; this figure covers Chinese imports generally and does not measure concentrates or establish a direct relationship with their trend.
Smelters said production cuts were coming, Reuters reported, while SMM said some smelters had told customers they might reduce deliveries under long-term contracts, though the actual scale of the cuts was unclear when the report was published. This means tight concentrate supply could affect costs, production and deliveries, while the scale of any cuts remains uncertain. On demand, S&P Global Energy forecast Chinese demand for refined copper would grow 3% in 2026, despite broad weakness in key end-use sectors and slower growth in grid investment. An analyst at Mysteel said falling acid prices and treatment charges would put smelters under “enormous pressure” in 2027 and make it harder to turn a profit. Next year’s outlook remains tied to whether these pressures on smelters’ revenue and costs persist.