Data from the Customs Statistics Online Inquiry Platform showed that China's imports of copper ore and concentrates in July 2026 were 2,378,520.35 mt, up 1.87% MoM and down 6.95% YoY. In July, China's imports of copper ore and concentrates from Chile were 654,429.73 mt, up 26.63% MoM and down 13.42% YoY. In July, China's imports of copper ore and concentrates from Peru were 553,134.11 mt, down 13.32% MoM and down 6.78% YoY. On the export side, China's exports of copper ore and concentrates in July 2026 were 1.24 mt, down 5.42% MoM and down 99.70% YoY. China's exports of copper ore and concentrates to the UK in July were 0.52 mt, down 1.88% MoM and up 1696.55% YoY. China's exports of copper ore and concentrates to the Netherlands in July were 0.31 mt, down 6.13% MoM. The following is a breakdown of import data compiled from the official website of China's General Administration of Customs: Origin Jul 2026 (mt) MoM YoY Chile 654429.73 26.63% -13.42% Peru 553134.11 -13.32% -6.78% Mongolia 185888.58 -13.24% 3.72% Russia 185504.57 38.78% 124.22% Kazakhstan 135791.86 0.61% -0.82% Mexico 93416.60 -26.21% 10.18% Canada 80913.19 -6.10% 62.35% Brazil 78950.43 232.10% 84.06% Ecuador 60576.91 164.04% -16.24% Spain 59465.73 -26.24% -35.06% Serbia 45818.84 -58.38% -18.37% Botswana 39265.17 17.10% 327.80% Zambia 23066.28 215.14% 290.62% Philippines 21208.52 82.49% 36.14% Australia 19214.41 -65.01% -72.25% DRC 18570.04 17.44% -77.67% Eritrea 18333.32 65.52% -38.93% Albania 14231.94 71.04% 237.36% Armenia 14208.62 -44.67% 50.99% Saudi Arabia 10826.99 -0.42% -56.04% Vietnam 9827.56 41429.59% - Morocco 8999.06 -14.46% 100.88% Turkey 8630.06 -11.39% 61.51% Azerbaijan 7008.05 -17.02% 553.38% Oman 5105.04 430.45% -63.22% India 4048.47 202423350.00% 134948866.67% Myanmar 3902.58 8844.10% 6.31% Laos 3420.99 -79.56% -88.75% Mauritania 2818.87 -25.63% -51.40% Dominica 2245.00 -50.62% -2.58% Pakistan 2204.07 7.65% 4.47% Namibia 1946.37 -63.66% - Bolivia 1430.69 521.05% 365.08% Mozambique 1364.26 88.83% 1118.09% Madagascar 1013.00 281.20% 3517.86% Congo Republic 576.61 5.71% -17.29% South Africa 455.67 11391525.00% -83.79% Cambodia 261.99 - 26199300.00% Tanzania 130.70 -58.83% -62.03% Nigeria 122.51 -37.24% - Zimbabwe 70.30 - -78.95% Colombia 51.29 -83.61% 427341.67% Somalia 36.99 - - Niger 31.94 -71.56% 145081.82% Italy 2.00 - - Sierra Leone 0.28 - - Netherlands 0.06 -1.54% 25.49% Indonesia 0.05 - -100.00% Uzbekistan 0.01 - - Total 2378520.35 1.87% -6.95% Source: General Administration of Customs The following is a breakdown of export data compiled from the official website of China's General Administration of Customs: Destination Jul 2026 (mt) MoM YoY UK 0.52 -1.88% 1696.55% Netherlands 0.31 -6.13% - Mongolia 0.22 -8.75% -99.95% Belgium 0.11 12.00% 348.00% Australia 0.02 -67.21% - Morocco 0.02 433.33% - Kazakhstan 0.01 -45.83% - Namibia 0.01 200.00% - Total 1.24 -5.42% -99.70% Source: General Administration of Customs (Wenhua Composite)

Data from the Customs Statistics Data Online Query Platform showed that China's copper cathode imports in July 2026 totaled 279,557.87 mt, down 16.07% MoM and 16.44% YoY. In July, China imported 104,555.33 mt of copper cathode from the DRC, down 32.48% MoM and 26.78% YoY. China's copper cathode imports from Russia stood at 52,923.37 mt in July, up 48.09% MoM and 73.01% YoY. On the export side, China's copper cathode exports in July 2026 were 34,849.91 mt, down 28.14% MoM and 70.57% YoY. China exported 7,811.35 mt of copper cathode to the US in July, down 68.88% MoM and 70.26% YoY. China's copper cathode exports to Thailand totaled 7,714.63 mt in July, down 22.68% MoM but up 11.89% YoY. The following is a breakdown of import data compiled from the General Administration of Customs website: Origin Jul 2026 (mt) MoM YoY DRC 104,555.33 -32.48% -26.78% Russia 52,923.37 48.09% 73.01% Chile 15,741.16 -36.34% -18.13% Zambia 14,890.11 18.06% -26.31% Kazakhstan 14,799.10 33.24% 27.52% China 11,478.25 -32.79% -12.75% Australia 9,339.48 26.72% 45.94% Myanmar 8,618.21 69.33% 206.36% Japan 8,124.90 -36.70% -28.65% Pakistan 3,636.36 -48.16% -22.09% Poland 3,483.02 2.60% -0.59% Uzbekistan 3,397.84 -45.33% -35.71% India 3,379.95 11.10% 302.37% Serbia 2,833.55 71.07% -61.61% Peru 2,824.86 -60.60% -53.16% Indonesia 2,059.78 -35.81% -22.24% Oman 1,943.93 72.52% 1,026.98% South Africa 1,690.12 -20.05% -41.29% Turkey 1,409.64 12.67% 13.68% Mongolia 1,275.30 70.03% -23.38% UAE 1,226.48 220.07% -36.44% Taiwan, China 1,064.23 359.93% 321.90% Spain 1,011.91 - - Qatar 970.42 120.89% -20.57% Laos 850.34 -5.66% 62.40% Malaysia 827.56 1.65% -49.63% Germany 659.88 490.74% 2,732.25% Morocco 620.79 251.56% -90.61% South Korea 602.98 -90.68% -89.83% Tajikistan 505.45 26.00% 83.32% Thailand 440.10 7.87% -49.65% Saudi Arabia 377.18 498.90% 406.42% Bolivia 345.17 - 9.16% Egypt 323.51 -8.87% 1,304.25% Netherlands 248.30 -76.13% -98.39% Hong Kong, China 205.46 -48.08% 2,054,540.00% Guinea 182.52 -12.15% 20.11% Nigeria 161.53 - - Sierra Leone 102.04 30.55% - Gabon 96.58 114.10% 34.72% Mauritius 67.83 23.22% 47.81% Jordan 49.60 -74.68% -33.85% Tanzania 46.11 -91.25% - Cameroon 27.94 - 5.06% France 25.10 - - Kenya 25.00 - - Brazil 24.50 - -45.90% Georgia 24.00 -88.62% - Finland 15.04 - - Mauritania 14.60 - - Mexico 11.45 -41.61% -98.67% Total 279,557.87 -16.07% -16.44% Source: General Administration of Customs The following is a breakdown of export data compiled from the General Administration of Customs website: Destination Jul 2026 (mt) MoM YoY US 7,811.35 -68.88% -70.26% Thailand 7,714.63 -22.68% 11.89% Taiwan, China 6,922.55 46.98% -81.40% South Korea 4,369.52 - -83.13% Vietnam 3,870.72 0.47% -38.74% Indonesia 3,197.61 39.13% 967.34% Malaysia 598.22 -72.12% -64.84% Japan 300.39 -24.76% - Germany 50.09 - - Djibouti 12.51 -0.49% - Uzbekistan 2.00 - - Sri Lanka 0.18 - - Canada 0.11 - - India 0.01 1,400.00% - Nigeria 0.01 - - Total 34,849.91 -28.14% -70.57% Source: General Administration of Customs (Wenhua Comprehensive)

Serbia commissioned around 61MW of solar capacity in the first half of 2026, according to RES Serbia, lifting cumulative solar capacity to about 379MW. Prosumer solar capacity rose from 125.9MW at the start of the year to 147MW, while solar plants connected to the distribution grid increased by 40.6MW to 232.82MW. Demand from households and businesses seeking lower energy costs remains strong, but permitting and grid connection challenges weighed on project progress. In May, the government postponed new grid connection studies for variable renewable energy projects until 2029-2030, creating a key bottleneck for investors.

Following the start of the definitive phase of the EU Carbon Border Adjustment Mechanism (CBAM) in 2026, differences in country-specific default values , default production routes and corresponding benchmarks have begun to translate into significantly different theoretical certificate exposures for unwrought aluminium. SMM analysed EU-27 imports of unwrought aluminium under HS/CN 7601 from non-EU origins and matched the trade data with the 2026 default value, default production route and CBAM benchmark assigned to each origin. The theoretical unit certificate exposure in this analysis is calculated as: 2026 theoretical unit certificate exposure = 2026 default value − benchmark × 97.5% × cross-sectoral correction factor The cross-sectoral correction factor, or CSCF, is provisionally assumed to be 1. The calculation does not deduct any qualifying carbon price effectively paid in the country of origin. The results therefore indicate the relative CBAM exposure of different origins under the default-value scenario. They do not represent the final number of certificates that EU importers will be required to surrender or the final monetary cost. EU-27 unwrought aluminium imports rose 7.0% in 2025 According to SMM calculations, EU-27 imports of unwrought aluminium under HS/CN 7601 from non-EU origins reached approximately 7.63 million tonnes in 2025 , up from 7.13 million tonnes in 2024. This represented an increase of about 502,200 tonnes, or 7.0% year on year . Of the 2025 total, approximately 4.56 million tonnes originated from countries subject to CBAM, accounting for 59.7% of total imports. Imports from CBAM-exempt origins, including Norway, Iceland and Switzerland, amounted to approximately 3.05 million tonnes , representing around 40.0% of the total. A further 25,800 tonnes were recorded without a specified origin and were excluded from the country-level exposure ranking. Applying the 2026 default values and benchmarks to the 2025 trade structure produces an estimated theoretical certificate exposure of approximately 4.09 million tCO₂e for imports from CBAM-covered origins. The trade-weighted average unit exposure was approximately 0.898 tCO₂e per tonne of product . As 2025 remained within the CBAM transitional period, these figures are scenario-based estimates using 2025 trade volumes and the 2026 calculation rules. They do not represent actual certificate obligations for 2025. Primary aluminium route accounted for more than 99% of theoretical exposure The primary aluminium route dominated both CBAM-covered import volumes and theoretical certificate exposure. In 2025, imports assigned to the primary aluminium route totalled approximately 4.46 million tonnes , accounting for 97.8% of imports from CBAM-covered origins. Their theoretical certificate exposure reached approximately 4.06 million tCO₂e , representing 99.3% of the total exposure. The trade-weighted average unit exposure for the primary aluminium route was approximately 0.912 tCO₂e per tonne of product . By comparison, imports assigned to the secondary aluminium route amounted to approximately 99,500 tonnes, or 2.2% of CBAM-covered imports. Their theoretical certificate exposure was approximately 30,600 tCO₂e, with an average unit exposure of around 0.307 tCO₂e per tonne . The gap between the two routes reflects differences in both country default values and the applicable benchmarks. For HS/CN 7601, the benchmark used for the primary aluminium route is 1.423 tCO₂e per tonne , compared with 0.091 tCO₂e per tonne for the secondary aluminium route. This means that, under a default-value declaration scenario, the theoretical CBAM exposure of EU-27 unwrought aluminium imports remains highly concentrated in primary aluminium supply. Mozambique recorded the highest unit exposure, with China also ranking near the top The results show a clear divergence in theoretical unit exposure among origin countries. Mozambique recorded the highest unit exposure among major origins with a country-specific default value, at approximately 2.130 tCO₂e per tonne of product . China followed at approximately 1.913 tCO₂e per tonne , placing it among the origins with the highest default-value-based unit exposure. South Africa recorded an estimated unit exposure of approximately 1.207 tCO₂e per tonne , followed by Russia at 0.989 tCO₂e and Canada at 0.769 tCO₂e. Bahrain, the United Arab Emirates, India, the United Kingdom, Egypt and Kazakhstan share similar default values under the primary aluminium route, resulting in unit exposure of approximately 0.670 tCO₂e per tonne . Australia, Brazil, Malaysia, Oman, Qatar, Saudi Arabia and the United States recorded unit exposure of approximately 0.483 tCO₂e per tonne . Origins assigned to the secondary aluminium route generally recorded approximately 0.307 tCO₂e per tonne . A high unit exposure does not necessarily mean that an origin faces the greatest aggregate impact. Total exposure also depends on the volume of trade with the EU-27. China illustrates this distinction. EU-27 imports of HS/CN 7601 products from China reached approximately 12,400 tonnes in 2025 , up 24.3% year on year. This corresponded to theoretical certificate exposure of about 23,700 tCO₂e . China therefore ranked near the top on a unit basis, but its comparatively limited shipment volume to the EU-27 kept its aggregate exposure well below that of Mozambique, Canada and several major Gulf suppliers. Mozambique’s total theoretical exposure reached 1.34 million tCO₂e After incorporating 2025 import volumes, Mozambique emerged as the origin with the highest aggregate theoretical certificate exposure. EU-27 imports from Mozambique reached approximately 628,000 tonnes in 2025 , up 17.5% year on year. Based on unit exposure of 2.130 tCO₂e per tonne, its total theoretical exposure was approximately 1.34 million tCO₂e . Mozambique alone accounted for 32.7% of the theoretical exposure associated with CBAM-covered origins. However, the above total exposure is a static estimate based on 2025 trade volumes. Power supply constraints may limit Mozambique’s aluminium smelting capacity and output in 2026–2027, potentially reducing its exports to the EU. As a result, its actual near-term aggregate CBAM exposure may not reach the theoretical level estimated using 2025 trade volumes. Canada supplied approximately 682,800 tonnes to the EU-27 in 2025. Although its unit exposure was considerably lower than Mozambique’s, its larger trade volume lifted its aggregate theoretical exposure to approximately 524,800 tCO₂e , equivalent to 12.8% of the total. Bahrain, the United Arab Emirates, Russia and South Africa recorded theoretical total exposures of approximately 350,900 tCO₂e, 329,300 tCO₂e, 322,200 tCO₂e and 263,600 tCO₂e, respectively. Mozambique, Canada, Bahrain, the United Arab Emirates, Russia and South Africa together accounted for approximately 76.4% of total theoretical certificate exposure. Mozambique’s position was driven by the combination of a high unit default-value exposure and substantial trade volume. Canada’s unit exposure was not among the very highest, but its large and rapidly increasing export volume significantly amplified its aggregate impact. Four-quadrant analysis places China in the “high intensity, low trade volume” category A four-quadrant analysis using 2025 EU-27 import volume on the horizontal axis and 2026 theoretical unit certificate exposure on the vertical axis provides a clearer view of the combined influence of carbon intensity and trade scale. The core high-exposure quadrant includes Mozambique, Canada, Bahrain, the United Arab Emirates, Russia, South Africa, India and the United Kingdom. These origins combine comparatively large trade volumes with relatively high unit exposure and are the main contributors to aggregate CBAM exposure for EU-27 unwrought aluminium imports. China is the most prominent origin in the high intensity, low trade volume quadrant . Its theoretical unit exposure of approximately 1.913 tCO₂e per tonne is second only to Mozambique, but its current export volume to the EU-27 remains comparatively limited. Ukraine and South Korea are among the origins in the trade-volume-driven quadrant . Both are assigned to the secondary aluminium route and have relatively low unit exposure, but their larger trade volumes increase their aggregate exposure compared with other secondary-route origins. Vietnam, Morocco, Serbia, Bolivia and Mexico are among the origins in the low-exposure quadrant , reflecting both lower unit exposure and limited trade volumes. For Vietnam, HS/CN 7601 unwrought aluminium is assigned to the secondary aluminium default route, resulting in theoretical unit certificate exposure of approximately 0.307 tCO₂e per tonne in 2026, significantly below that of most origins assigned to the primary aluminium route. EU-27 imports from Vietnam amounted to approximately 7,100 tonnes in 2025, down around 27.1% year on year, corresponding to theoretical total certificate exposure of about 2,200 tCO₂e. Vietnam’s overall CBAM exposure therefore remains relatively limited at present. However, should its exports to the EU expand in the future, access to and verification of actual emissions data will remain an important factor affecting the relative competitiveness of Vietnamese products. The quadrant thresholds are analytical dividing lines based on the median values of CBAM-covered origins with actual trade. They do not represent regulatory thresholds set by the EU. Theoretical exposure reached approximately 642,400 tCO₂e in Q1 2026 In the first quarter of 2026, EU-27 imports of unwrought aluminium under HS/CN 7601 from non-EU origins reached approximately 1.52 million tonnes , with a total import value of around €4.36 billion . The average import value was approximately €2,873 per tonne . Imports from CBAM-covered origins amounted to approximately 782,800 tonnes , accounting for 51.6% of total imports. Imports from CBAM-exempt origins reached around 733,000 tonnes, or 48.4%. Based on the 2026 default values and benchmarks, imports from CBAM-covered origins generated theoretical certificate exposure of approximately 642,400 tCO₂e during the quarter. Mozambique remained the largest contributor, with theoretical exposure of around 150,500 tCO₂e. Canada followed with approximately 86,800 tCO₂e, the United Arab Emirates with 82,100 tCO₂e, Bahrain with 63,400 tCO₂e and South Africa with 56,200 tCO₂e. As the analysis does not include Q1 2025 comparison data, no year-on-year conclusion has been drawn for Q1 2026 import volumes or exposure. The quarterly figures are used primarily to illustrate the origin structure during the initial stage of the definitive CBAM period. Access to and verification of actual emissions data could become an important competitiveness factor Country default values are fallback parameters applied when producers are unable to provide actual emissions data that meet EU requirements. They do not necessarily reflect the actual carbon intensity of a specific producer or shipment. For origins with relatively high default-value exposure, including China, Mozambique, South Africa and Russia, producers whose actual embedded emissions are materially lower than the applicable country default value could reduce the certificate exposure faced by EU importers by establishing robust emissions-monitoring systems and providing complete, verified emissions data. Conversely, where suppliers are unable to provide emissions information that is complete, traceable and compliant with EU requirements, importers may have to rely on the relevant country default value. A higher default value could consequently affect supplier selection, purchase negotiations and long-term contract arrangements. The final number of certificates to be surrendered will also depend on actual embedded emissions, production-route classification, data verification and any qualifying carbon price effectively paid in the country of origin. The actual CBAM cost will additionally depend on the CBAM certificate price, which is linked to EU Emissions Trading System allowance prices. The theoretical certificate exposure calculated in this analysis should therefore not be interpreted directly as either the final certificate obligation or the final CBAM cost. Overall, the impact of CBAM on trade in HS/CN 7601 unwrought aluminium will not be determined by country default values alone. Unit certificate exposure, trade scale, actual emissions and the availability of reliable carbon data will jointly shape the competitive position of different origins and producers in the EU market. As the definitive phase progresses, differences in low-carbon production capability, emissions-data management and verification capacity are likely to become increasingly visible in procurement decisions, export competitiveness and trade flows. Data note: The trade scope covers EU-27 imports of unwrought aluminium under HS/CN 7601 from non-EU origins. CBAM-exempt origins, including Norway, Iceland and Switzerland, are included in total import statistics but excluded from theoretical certificate exposure. Origins without a country-specific default value are assigned the applicable value for “Other Countries and Territories.” Unspecified origins are excluded from the country ranking. Theoretical exposure does not deduct qualifying carbon prices paid in third countries. Source: EU-27 import data, EU CBAM default values and benchmarks; compiled by SMM.

[SMM Analysis: High Imports Yet Lower TCs: Why China’s Copper Concentrate Market Is Getting Tighter amid Rising Purchases] In H1 2026, China’s copper concentrate imports stayed high but edged down YoY, with the pace of imports slowing noticeably in Q2 compared with Q1. At the same time, new and expanded smelting capacity continued to come onstream, and growth in copper concentrate demand outpaced the increase in import supply, driving spot TCs further down. On July 24, the SMM Imported Copper Concentrate Index (weekly) fell to -$154.76/dmt, further highlighting the contradiction of high imports coexisting with deeply negative TCs. Looking ahead to H2, stockpiling, feeding, and production ramp-up at three new smelting projects in China will add to rigid procurement demand. Higher production from Oyu Tolgoi, a seasonal recovery in South American mine output, and shipments of some stockpiled ore are expected to support a QoQ increase in China’s copper concentrate imports. However, the resumption of production at Grasberg will still take time, and local smelting capacity in Indonesia and Africa continues to absorb domestically produced concentrates, meaning that increases in overseas mine production may not proportionally translate into accessible supply for China. China’s copper concentrate imports are expected to remain high in H2 and rebound somewhat from H1, but the global supply-demand “hard deficit” for copper concentrates is unlikely to ease in the short term, and freely tradable, suitable supply will stay tight. In the absence of large-scale, sustained production cuts on the smelting side, spot TCs are more likely to show an L-shaped pattern of low-level operation with intermittent rebounds, and the configuration of rising imports alongside negative TCs will persist.

Despite overcapacity, China’s large-scale exports of non-oriented electrical steel are underpinned by its complete industrial chain of the iron and steel sector. China has witnessed continuous capacity expansion of non-oriented electrical steel in recent years, leading to prominent overcapacity of mid-to-low grade conventional products. Coupled with limited incremental domestic demand from traditional home appliances and industrial motors, newly added output cannot be fully absorbed merely driven by high-grade variants for new energy vehicles. As a result, the overall domestic market remains in loose supply with mounting supply-demand pressure. Benefiting from China’s full-fledged integrated steel industrial chain, consistent product quality and economies of scale in cost control, domestically made non-oriented electrical steel has gained steadily improved cost-performance competitiveness globally. Meanwhile, rigid incremental demand has emerged from manufacturing relocation in Southeast Asia, Latin America, South Asia and other regions, as well as the popularization of high-efficiency motors overseas. Against this backdrop, the industry has continued to divert excess domestic capacity via exports, maintaining steady regular overseas shipments year-round. Imports of Non-Oriented Electrical Steel: Concentrated Sources from Japan and Chinese Taiwan, Mainly for Supplementary High-Grade Products 1. Total import volume Monthly imports of non-oriented electrical steel in the first half of 2026 posted a fluctuating trend of surging first then falling back, with May hitting the highest monthly import volume of the year. In terms of import source structure for January-June, import origins are highly concentrated. Japan ranks as the dominant top source with a far-leading import volume, followed by Chinese Taiwan as the second core supplier. South Korea takes the third place with marginal import volumes, while Germany, Sweden, France, Russia, India, Vietnam and other economies record negligible import quantities. This fully demonstrates that China only imports high-grade non-oriented electrical steel from Japanese manufacturers and Chinese Taiwan, with self-sufficiency achieved for all mid and low grades. Data Source: General Administration of Customs of the People's Republic of China 2. Breakdown by Product Specifications Imports of the two major specifications of non-oriented electrical steel from January to June 2026 were characterized by highly concentrated supply sources and obvious tiered pricing. Wide-width products (HS Code 72251900, width ≥ 600 mm) Core supplies came from Japan and Chinese Taiwan, with half-year import volumes reaching 11,719.4 tons and 10,318.8 tons respectively. Their month-on-month increments in June stood at 948.9 tons and 2,378.7 tons, serving as the primary drivers of import growth in that month. In terms of prices, the average unit price for Japanese material was RMB 9,220 per ton, and that for material from Chinese Taiwan was RMB 8,090 per ton, showing a stable price gap. Small batches of high-grade material imported from France and Sweden carried substantially higher unit prices, while low-priced marginal supplies from Russia, Vietnam, India and other economies were negligible in volume. Narrow-width products (HS Code 72261900, width ＜ 600 mm) The overall import volume was far lower than that of wide-width products, and imports were still dominated by Japan and Chinese Taiwan, with half-year imports of 453.7 tons and 202.4 tons correspondingly. Shipments picked up moderately in June, whereas import volumes from the second-tier suppliers including Germany, South Korea and Sweden remained basically flat. Price divergence was far more drastic for narrow-width grades: average prices from Japan and Chinese Taiwan hit RMB 18,660/ton and RMB 11,870/ton respectively. Average prices of high-end European and American materials approached RMB 20,000 per ton, and the unit price of goods declared for domestic circulation and customs clearance exceeded RMB 31,000 per ton. Only sporadic imports were recorded from other countries. Overall Summary In the first half of the year, non-oriented electrical steel imports were heavily reliant on mid-range conventional products sourced from Japan and Chinese Taiwan. The volume growth in June was entirely contributed by increased wide-width shipments imported from these two regions. A massive price gap existed between domestic and overseas high-grade narrow-width materials. Small volumes of high-priced special grades were imported sporadically from Europe, while low-cost marginal supplies from minor origins exerted minimal impact on the market. The market demonstrated striking features of highly concentrated supply and obvious stratified pricing. Data Source: General Administration of Customs of the People's Republic of China Exports of Non-Oriented Electrical Steel: Extensive Overseas Demand Coverage with Notable Diversified Regional Distribution 1. Total Export Volume Monthly exports of non-oriented electrical steel fluctuated throughout the first half of 2026. The aggregate monthly shipment volume from January to June was generally lower than the same period in 2025. Exports surged year-on-year in February to hit the highest point in the first six months, followed by volatile performance from April to June. In terms of cumulative export destinations for January–June 2026, overseas demand covered a wide range of markets featuring remarkable regional diversification. Vietnam ranked as China’s top export destination for non-oriented electrical steel with the largest purchasing volume in the first half of the year. Italy, Belgium, Mexico and Brazil formed the second major tier, with minimal gaps and comparable demand volumes among the four countries. South Korea, Serbia and Thailand fell into the third tier, while purchasing volumes from Pakistan and India were relatively low. The export markets spanned Southeast Asia, Western Europe, Latin America, South Asia and other regions. Decentralized procurement by overseas industrial chains for home appliances and motor manufacturing provided steady underlying support for China’s exports of non-oriented electrical steel. Data Source: General Administration of Customs of the People's Republic of China 2. Breakdown by Product Specifications Exports of the two major specifications of China’s non-oriented electrical steel in January–June 2026 were marked by clear volume tiers, as well as prominent divergence in regional flow and transaction prices. Wide-width non-oriented electrical steel (HS Code 72251900, width ≥ 600 mm) This specification constituted the absolute mainstream export product with robust growth in overseas demand. In the first half of the year, exports to Italy reached 36,428.2 tons, ranking firmly first, followed by Mexico at 33,499.6 tons and Brazil at 33,097.3 tons. Belgium, South Korea and Thailand formed the second-tier destinations, while Vietnam, Pakistan, India and Malaysia served as supplementary markets. Export destinations covered Europe, Latin America, Southeast Asia, South Asia and other regions, with Mexico recording the most remarkable volume increase in June. Prices for this wide-width grade showed narrow gaps and generally stable performance. Pakistan had the lowest average price at RMB 3,920 per ton, while Belgium and South Korea saw the highest price of RMB 5,230 per ton. Transaction prices for other countries mostly fell within the range of RMB 4,100–4,800 per ton. Narrow-width non-oriented electrical steel (HS Code 72261900, width ＜ 600 mm) Its total export volume was far lower than that of wide-width products, with highly concentrated export destinations. Vietnam (24,797.1 tons) and Serbia (21,808.7 tons) were the core absorbing markets, and the volume growth in June was mainly driven by these two markets. Pricing presented huge tiered gaps: the average export price to Japan stood at RMB 13,480 per ton, and RMB 11,680 per ton to Serbia, reflecting substantial premium for high-grade products. Mid-range materials shipped to Belgium and Slovenia were priced at RMB 8,000–9,000 per ton, whereas low-end conventional grades exported to Iran, Bangladesh and other countries were only around RMB 4,000 per ton. Overall Conclusion Wide-width products achieved volume expansion via diversified exports across multiple regions with relatively unified quotations. Narrow-width products relied heavily on two core markets, Vietnam and Serbia, and high-end exported grades enjoyed strong premium capability. Distinct structural differentiation was observed across the two specifications in terms of export volume, target markets and transaction prices. Data Source: General Administration of Customs of the People's Republic of China Conclusion On the import side, imports of wide and narrow width non-oriented electrical steel are predominantly sourced from Japanese manufacturers and Chinese Taiwan, which together account for the overwhelming majority of total import volume. The import volume growth in June was mainly driven by increased arrivals of wide-width products from Japan and Chinese Taiwan, resulting in an extremely high concentration of import supply sources. On the export side, wide-width non-oriented electrical steel serves as the absolute backbone of overseas shipments, with exports dispersed to multiple countries across Europe, Latin America and Southeast Asia. Italy, Mexico and Brazil are the core purchasing markets, and Mexico, South Korea and other destinations posted notable export volume increments in June, accompanied by relatively stable average transaction prices. By contrast, narrow-width non-oriented electrical steel registers a much smaller export volume, whose excess capacity is largely absorbed by Vietnam and Serbia. Significant price premiums are obtained from high-end overseas orders, and there is a clear divergence in purchasing volumes and transaction prices among different destination countries. In summary, China’s non-oriented electrical steel industry is basically export-oriented, with only a small volume of high-grade products imported from Japan and Chinese Taiwan as supplementary supplies.