In the first two months of 2025, China significantly increased its imports of non-ferrous metals from Russia, according to Chinese customs data. Purchases of nickel surged 2.8 times year-on-year to $233.38 million, copper and copper products rose by 1.5 times to $711.77 million, and aluminum imports grew by 29.5% to $895.95 million. Analysts attribute this trend to China’s efforts to bolster its strategic reserves of industrial metals amid heightened geopolitical tensions.
The volume of these imports corresponds to approximately 72,000 tonnes of copper, 14,500 tonnes of nickel, and 340,000 tonnes of aluminum based on London Metal Exchange (LME) prices as of March 2025. This increase aligns with China’s broader strategy to secure critical resources for industrial stability and infrastructure projects.
However, imports of platinum group metals (PGMs) from Russia declined sharply during the same period. Palladium imports dropped by 2.4 times to $66 million (68,900 ounces), while platinum imports fell nearly threefold to $80.3 million (82,300 ounces). This decline follows a broader trend in 2024 when Russian PGM exports to China decreased by over 50% year-on-year due to shifting market dynamics and reduced demand for internal combustion engine vehicles.
Oleg Abelev, head of analytics at Rikom-Trust, noted that China’s increased purchases reflect its strategy to stockpile non-ferrous metals for future industrial use. This is particularly relevant as China anticipates economic growth of about 5% in 2025, which could drive aluminum consumption up by at least 2%. Additionally, challenges such as potential hydroelectric power shortages in the summer could further boost demand for imported aluminum.
China’s aluminum capacity is capped at 45 million tonnes per year.
Copper imports may also be influenced by rising global prices, which have increased by 12.4% since January due to expectations of higher consumption in China and potential supply disruptions caused by U.S. trade policies.
