Russian exports of copper and copper concentrate to China have surged dramatically. Between January and April this year, shipment volumes increased by 50%, while export revenues jumped by 60% to nearly $3.4 billion.
The figures were released by Chinese customs authorities. During the first four months of the year, China imported 529,800 tonnes of copper and copper concentrate from Russia. The trend began to take shape last year, when exports nearly doubled and reached 1.28 million tonnes.
Several factors have contributed to the acceleration. Russian producers have continued redirecting sales toward Asian markets, while the removal of export duties on cathode copper has made shipments more competitive. At the same time, domestic concentrate production has increased, and Chinese buyers have been offering attractive price premiums.
Demand from China remains strong. In May, the country increased imports of refined copper by 4.4% year-on-year to 446,600 tonnes. The primary consumers are the power sector and electric vehicle manufacturers. China’s domestic copper production remains insufficient to meet demand, forcing the country to rely increasingly on imports.
According to analysts at Euler, Russia’s copper production could grow by 10–15% this year. Much of that increase is expected to come from the Malmyzh Mining and Processing Plant reaching its designed production capacity. This is likely to reinforce current export trends and strengthen the position of Russian suppliers in the Chinese market.
Aluminum exports are also growing. During the same period, China imported 763,440 tonnes of Russian aluminum, up 2.7% compared with the previous year. In value terms, aluminum exports increased by 24% to $2.31 billion.
Russia’s non-ferrous metals industry continues to strengthen its presence in China. Record volumes of copper and aluminum flowing to Asia suggest that the country’s export reorientation has largely been completed and continues to gain momentum.
Source: @nerzhavey
Image: AI-generated
