China’s copper imports fell sharply in October as high global prices discouraged buyers and reduced restocking activity, according to official data released Friday. The decline highlights how record price levels and tighter supply conditions are reshaping demand in the world’s largest consumer of the metal.
Imports of unwrought copper and copper products, which include anodes, refined copper, alloys, and semi-finished products, dropped to 438,000 metric tons in October from 485,000 tons in September, a 9.7 percent decrease, data from the General Administration of Customs showed.
The fall comes after a surge in international copper prices, which climbed over 6 percent in October. Benchmark three-month copper contracts on the London Metal Exchange reached an all-time high of about 11,200 dollars per ton late in the month, driven by global supply disruptions and concerns about production cuts among major miners.
A series of operational setbacks at key mining sites contributed to the rally. Freeport-McMoRan declared force majeure at its Grasberg mine in Indonesia, one of the world’s largest copper producers, while Glencore and Chile’s Codelco both reduced their annual output forecasts for 2025. Anglo American also reported weaker production figures for the first nine months of the year, adding further pressure to already tight global supplies.
The price spike has dampened China’s import appetite. Traders and manufacturers, particularly in the construction and power industries, have been reluctant to restock at elevated levels. The Yangshan copper premium, a key indicator of China’s demand for imported copper, fell to 36 dollars a ton by the end of October from 58 dollars in late September — reflecting weaker buying interest from Chinese consumers and refiners.
Industry analysts said that while China’s overall demand for copper remains solid over the long term due to its role in electrification and renewable energy projects, short-term sentiment has cooled as end users wait for prices to stabilize. “High prices have led to caution among downstream buyers,” said one Shanghai-based metals trader. “Most are only purchasing on an as-needed basis rather than building inventory.”
Cumulative data for the first ten months of 2025 showed that China imported 4.46 million tons of unwrought copper and copper products, slightly down from 4.60 million tons during the same period last year. The decline points to weaker physical demand despite ongoing investments in power grid expansion and green infrastructure.
Copper concentrate imports, which supply China’s extensive smelting industry, also fell in October to 2.45 million tons from 2.59 million tons in September. However, on a year-to-date basis, concentrate imports rose to 25.09 million tons from 23.33 million tons a year earlier, suggesting continued reliance on raw material inflows for domestic refining capacity.
Analysts expect that prices will remain elevated but volatile in the coming months as supply constraints persist and demand from energy transition projects continues to grow globally. Still, China’s cautious buying patterns indicate that consumers are unwilling to absorb additional costs until market conditions show clearer signs of balance.
