China H1 2026 copper concentrate imports flat at 14.6 million tonnes as TCs stay negative

China imported about 14.61 million tonnes of copper concentrate in January to June 2026, down 0.84% from a year earlier. Smelters are still short of feed while treatment charges sit below zero, with the SMM index at minus $154.76 a dry tonne on July 24. Smelters are leaning on scrap and domestic feed as substitutes.

• H1 2026 concentrate imports 14.61 million tonnes, down 0.84% y/y
• SMM imported concentrate index at minus $154.76 a dry tonne on July 24
• Smelters shifting to scrap and domestic feed as substitutes