[SMM Analysis:Rare Earth Ore Imports Surge in Early 2026, Exceeding Demand and Causing Surplus] According to the latest data from the General Administration of Customs, from January to February 2026, China’s imports of mixed rare earth carbonate were about 3,013.7 mt, up 321% YoY. Over the same period, imports of unlisted rare earth oxides were about 12,860.4 mt, also posting a sharp increase of 209% YoY.

According to the latest data disclosed by the General Administration of Customs, China’s imported copper cathode market, while maintaining the 2025 baseline, is facing dual challenges: the continued rise in the share of EQ copper and whether global supply will continue to be diverted. China’s cumulative copper cathode imports in January-February 2026 totaled 356,900 mt, down 33.13% YoY.

According to the latest data from China Customs, China imported a total of 5,561 mt in metal content of nickel sulphate in February 2026, down 20% MoM and up 54% YoY. China exported 33 mt in metal content of nickel sulphate, down 74% MoM and down 75% YoY. China's net imports of nickel sulphate were 5,528 mt in metal content in February 2026, down 19% MoM and up 59% YoY. By country, exports to Japan pulled back this month, dragging down total exports; on the import side, imports from Indonesia and other countries also pulled back this month. Although imports from Finland increased, total imports still declined. Net imports of nickel salts also pulled back this month, broadly in line with last month's expectations.

Combined for January and February 2026, China’s cumulative chrome ore imports reached 4.0144 million tons, up 13.2% year-on-year. Breakdown by origin: imports from South Africa were 3.2422 million tons (up 6.2% year-on-year), imports from Turkey were 184,700 tons (up 55.8% year-on-year), and imports from Zimbabwe were 400,000 tons (up 70.3% year-on-year).

As supply and demand for construction steel were not fully matched across different markets, regional supply-demand mismatches created price differentiation, which in turn drove the cross-regional circulation of steel resources. When the regional price spread gradient was appropriate, regions with surplus construction steel capacity and production often shipped excess resources out, thereby rebalancing construction steel resources across regions.

[SMM Tin Brief Commentary: SHFE Tin Stopped Falling and Rebounded, Closing Up 2.94% as Macro Pressure and Bottom Support Vied Against Each Other]