In January and February, exports of copper cathode rod (HS codes 74081100 and 74081900) continued to strengthen, showing growth both MoM and YoY. The detailed data were as follows: According to customs data, in terms of total exports of copper wire rod, total exports of copper cathode rod (HS codes 74081100 and 74081900) in January increased 51.19% MoM and rose 83.78% YoY. In February, total exports of copper cathode rod increased 19.73% MoM and rose 160.07% YoY. In January 2026, exports of copper wire rod (HS codes 74081100 and 74081900) rose MoM, mainly due to weak domestic demand for copper rod in China, coupled with a concentrated release of power infrastructure demand in Southeast Asia, which together drove a sharp increase in copper wire rod exports. By specific export trade mode, processing trade with imported materials accounted for 66.3% of total copper wire rod exports in January 2026, processing trade with supplied materials accounted for 22.37%, Entrepot Trade by Customs Special Control Area accounted for 7.5%, and Ordinary Trade accounted for 2.81%. In February 2026, exports of copper wire rod (HS codes 74081100 and 74081900) continued to grow MoM, mainly driven by concentrated demand release from power grid upgrades and the new energy sector in Southeast Asia. Coupled with weak downstream demand in China during the Chinese New Year holiday, enterprises stepped up export efforts. By specific export trade mode, in January 2026, exports under processing trade with imported materials accounted for 50.95% of total exports, processing trade with supplied materials 38.73%, Entrepot Trade by Customs Special Control Area 8.46%, and Ordinary Trade 1.82%. By country, from January to February, copper wire rod was mainly exported to Thailand, Saudi Arabia, Vietnam, India, the Philippines, and Malaysia, with combined exports accounting for more than 70% of the national total. In summary, copper wire rod exports continued to grow from January to February, mainly benefiting from robust demand in the power grid and new energy sectors in Southeast Asia, coupled with weak downstream operating rates in China, prompting enterprises to actively expand into markets outside China to broaden demand. Although copper prices pulled back significantly in March, demand in the Middle East weakened due to geopolitical conflicts. In addition, as the main export destinations for China’s copper wire rod are concentrated in this region, and ocean freight rates have risen, copper wire rod exports were expected to be in the doldrums in March.

SMM Analysis: According to data from the General Administration of Customs, China imported 64,900 mt of copper anode (HS code: 74020000) in January 2026, up 5.74% MoM and up 1.48% YoY...

According to customs data, the total import volume of lithium spodumene in China from January to February 2026 was approximately 1.39 million physical tonnes: January imports reached 832,000 physical tonnes, up nearly 6% month-on-month and 41% year-on-year, equivalent to about 84,000 tonnes of lithium carbonate equivalent (LCE); February imports stood at 558,000 physical tonnes, down 33% month-on-month and approximately 2% year-on-year, equivalent to about 50,000 tonnes of LCE. Overall, the arrival volume in January reached an exceptionally high level, mainly due to the tight supply of lithium salts in the fourth quarter of 2025, which drove strong production enthusiasm among domestic lithium spodumene smelters and consequently led to a high demand for lithium ore. In February, arrivals declined due to the Chinese New Year holiday and potential vessel delays. By country of origin, Australia saw a 17% month-on-month recovery in January arrivals, significantly rebounding, supported by improved shipments from November to December 2025. However, after entering January, at the beginning of the quarter, Australian miners adopted a wait-and-see attitude toward lithium prices for the new year, leading to lower shipments. Combined with the Chinese New Year factor in February, arrivals in February decreased by 23% month-on-month. Zimbabwe entered the rainy season after October last year, resulting in a slight decline in concentrate output. Coupled with adjustments to export tax rates and the accounting period at the beginning of the year, arrivals fell by 35% and 18% month-on-month in January and February, respectively. Nigeria has seen a continuous rise in arrivals since June 2025, maintaining high levels. South Africa performed notably well, with arrivals remaining above 100,000 physical tonnes for three consecutive months from December 2025 to February 2026. In contrast, Brazil saw persistently low arrivals in January and February this year, as certain mines had not yet resumed production from October to December last year. Additionally, according to screening and analysis using the SMM model, lithium spodumene imports in January corresponded to approximately 84,000 tonnes of LCE, with lithium concentrate amounting to 636,000 physical tonnes, accounting for 76%. In February, lithium spodumene imports corresponded to 50,000 tonnes of LCE, with lithium concentrate amounting to 438,000 physical tonnes, accounting for 79%.

According to customs data, lead concentrate imports in February 2026 were 124,580 mt in physical content, up 3.8% MoM and up 26.4% YoY; cumulative imports in January-February reached 252,241 mt in physical content, up 14% YoY on a cumulative basis. Over the same period, silver concentrate imports were about 148,600 mt in physical content, down 17% MoM and down 8% YoY; cumulative imports in January-February were 328,600 mt in physical content, down 1.27% YoY on a cumulative basis.

According to the latest customs data, China imported 594,800 mt of zinc concentrates (mt in physical content) in January 2026, setting a new monthly record high. Zinc concentrate imports were 413,900 mt (mt in physical content) in February, bringing cumulative imports in January-February to 1.0088 million mt (mt in physical content), up 17.5% YoY. .

[Imports of Recycled Copper Raw Materials by Country of Origin] From the perspective of source country structure, the trend of diversification in China's imports of recycled copper raw materials has further strengthened. Japan remained the largest supplier, exporting 33,200 mt to China in October. Although this represented a slight decrease of 0.86% MoM, it marked a significant increase of 45.91% YoY, accounting for 16.89% of total imports. Thailand, as the second-largest source country, recorded imports of 31,000 mt in physical content in October, representing a share of 15.79%. This was an increase of 3% MoM and a sharp rise of 92.18% YoY, indicating a notable growth trend.