China refined copper output hits record high despite concentrate crunch

China's refined copper production reached an all-time high in June as smelters increasingly turned to scrap and blister copper to offset a persistent shortage of copper concentrate, highlighting the country's ability to maintain output despite tightening raw material supply.

The world's largest copper consumer produced 1.33 million metric tons of refined copper in June, up 5.5% from May and 4% higher year over year, according to data released by the National Bureau of Statistics July 21. In the January-June period, the output reached 7.61 million mt, up 5.2% from the year-ago period.

The surge came as several smelters that had undergone maintenance resumed operations, according to China's state-owned research agency Antaike, even as concentrate imports declined and treatment charges plunged to record lows.

Shortages of both copper concentrate and recycled copper are expected to maintain the raw material crunch in July, according to Antaike. The recovery in cathode copper output is likely to remain limited as some smelters are still undergoing maintenance, it added.

"Smelter maintenance is routine every year. Besides, copper concentrate supply has fallen, but the availability of cold materials has increased," a smelter source said.

China's imports of copper scrap and anodes increased in June, providing an important alternative source of feedstock as raw material supply remained tight.

Copper concentrates

A major shortage of copper concentrate supply persisted in China's domestic market, pushing treatment and refining charges (TC/RCs) at multi-year lows.

Platts, part of S&P Global Energy, assessed CIF China clean copper concentrate treatment and refining charges at minus $148/mt and minus 14.8 cents/pound, respectively, July 21, down $23/mt and 2.3 cent/lb from a month earlier.

This was the lowest level since Platts started the assessment in February 2021.

China's imports of copper concentrate reached 2.34 million mt in June, down 1.1% month over month, according to China's customs data.

Peru overtook Chile as China's largest supplier of copper concentrate in June, with shipments totaling 638,168 mt, accounting for 27.3% of China's total imports, according to customs data.

China's imports from Chile, could see an increase in the coming month, based on initial data released by Chilean customs.

Copper scrap

China's imports of copper scrap reached 210,931 mt in June, up 15.1% month over month and 10.4% higher year over year, customs data showed.

The imports from Thailand and Japan, China's largest suppliers, reached 37,310 mt and 36,118 mt, up 41.4% and 27.2%, respectively, from May.

Meanwhile, the country's imports of copper anodes reached 73,042 mt in June, up 6.3% from a month earlier and 6.6% from a year earlier, the highest level since August 2025.