First Chinese Sulfuric Acid Export Shipments Leave Port, Offering Partial Relief to Copper Miners
nashnova research
The first sulfuric acid cargo since China's May export ban has sailed from Nanjing — 32,000 tonnes bound for Chile — giving copper miners squeezed by the Hormuz Strait closure a sliver of relief, though the ban itself remains firmly in place.
What exactly is this shipment?
Shipping-data provider Kpler tracked 32,000 tonnes of sulfuric acid departing Nanjing in late August, due at Chile's Mejillones port by late September.
This is the first export cargo since China halted sulfuric acid shipments in May — its signal matters more than its size.
This means → China's domestic acid price peaked in July; with the main planting season over, supply eased enough for authorities to approve one cargo.
Why is global sulfuric acid so scarce right now?
The Iran war has effectively shut the Strait of Hormuz, locking up the Middle East's sulfur output — roughly one-third of the world's supply.
In plain terms = sulfur is the feedstock for sulfuric acid, and sulfuric acid is essential for copper leaching and phosphate fertilizer — cut the source, and the whole chain tightens.
Copper miners in Chile, the DRC, and Zambia have seen severe operational disruptions as a result.
Does this cargo signal a policy shift?
Analyst Freda Gordon of Acuity Commodities says the shipment is likely a swap deal — a smelter trades scarce acid for high-priced copper concentrate.
In plain terms = this is not normal trade; it is a barter arrangement where each side gives what the other needs most.
Some Chinese smelters have secured local-government approval for such swaps, and a small number of similar cargoes may follow before year-end.
Is the export ban still in force?
Gordon stressed these swap cargoes should be treated as "exceptions" — the acid cannot be resold, and the overall export ban remains intact.
This means → the global market should not expect large-scale Chinese acid exports to resume; the shortage will be hard to break in the near term.
Whether the twin squeeze on copper concentrate and sulfuric acid eases meaningfully this year remains an open question.
市场有风险，内容仅供研究参考，不构成投资建议。