 |
| Copper |
Strong Export Growth Continues in Asia; Downstream Trade Tensions Pose Future Risks
China’s copper plate/sheet and strip exports remained generally optimistic in March 2025, with volumes totaling 10,543 mt, a 40.5% increase month-on-month (MoM) and a 5.2% rise year-on-year (YoY), according to General Administration of Customs data.
Cumulative exports for Q1 2025 reached 28,424 mt, marking a 2.65% YoY growth. These figures show resilience in China’s copper semi exports despite trade headwinds, with March deliveries extending to 92 countries and regions.
South Korea, Taiwan, Vietnam Lead Demand
Among major destinations, South Korea topped the list with 1,236 mt, followed by Taiwan (1,104 mt) and Vietnam (1,047 mt). Notably, Indonesia recorded the highest YoY growth among the top ten markets.
However, exports to the United States dropped sharply by 57.03% YoY, largely due to deteriorating US-China trade relations. While the US is not a primary destination for copper plate/sheet and strip products, ongoing tariff tensions are expected to indirectly affect China’s copper sector, particularly downstream industries such as 3C electronics and electric vehicles (EVs).
Processing Trade Dominates Export Activity
Processing trade accounted for 67.43% of total copper strip exports in March, remaining the dominant trade mode. In comparison, contract manufacturing and general trade made up 13.66% and 12.52%, respectively.
Outlook for April Remains Strong, but Uncertainty Grows
SMM analysts expect export volumes to remain high in April. However, global trade volatility and the risk of shifting trade policies are creating pressure on exporters. While US tariffs haven’t directly impacted copper strip export orders, disruptions in downstream product exports are already trickling up the supply chain, reducing new orders for April and potentially weighing on operating rates.
Copper plate/sheet and strip producers are now navigating a market where geopolitical instability and supply chain stress may impact future performance despite strong fundamentals.
Tags
NONFE
