According to the latest customs statistics, in July 2026, China imported 2,327.56 mt in physical content of bars and rods of copper-zinc alloy (brass) (HS codes: 74072111, 74072119, 74072190）

According to the latest customs statistics, China imported 2,327.56 mt in physical content of copper-zinc alloy (brass) bars and rods (HS codes: 74072111, 74072119, 74072190) in July 2026, down 5.01% YoY and sharply down 26.27% MoM; cumulative imports from January to July totaled 16,900 mt in physical content, up 4.8% YoY. From the perspective of import source structure, South Korea remained the largest source country for China's brass billet imports. In July, imports of brass billet from South Korea were 893 mt, down 28.53% MoM and up 22.48% YoY, accounting for 39.58% of total imports that month. Thailand rose to the second-largest source, with July imports of 334.5 mt, down 24.76% MoM and up significantly 447.99% YoY. Japan ranked third, with July imports of 326.8 mt, down 35.82% MoM and down 29.03% YoY. The three core supply countries—South Korea, Thailand, and Japan—together accounted for over 60% of total imports in July, maintaining a stable traditional supply landscape in East Asia. In terms of import value, the import value of brass billet in July was $22.9232 million, down 23.65% MoM and up 23.04% YoY; cumulative import value from January to July 2026 was $158.656 million, up 31.74% YoY. Monthly imports pulled back significantly MoM, but import value still posted positive growth YoY, indirectly reflecting that import value stayed high. SMM believes that the sharp MoM pullback in brass billet imports in July was mainly affected by the domestic downstream entering the traditional consumption off-season, with weak end-use demand for brass billet in China. Processing enterprises mainly consumed their own inventory, overseas purchase willingness weakened, and import orders contracted. However, cumulative imports from January to July still achieved positive YoY growth, indicating that ex-China supply still played a supplementary role for China. Looking ahead, China's end-use demand for brass billet has not yet shown clear signs of recovery. Without concentrated restocking, brass billet imports are likely to remain in the doldrums.

SMM August 21 News: This week, spot prices along the cobalt industry chain largely remained in the doldrums. Refined cobalt prices continued to grind lower under the influence of weak market sentiment and demand. Although import data fell short of expectations, the rebound was limited. On the cobalt salt side, cobalt sulphate prices declined for five consecutive trading days, with cost support clearly shifting downward. Quotes for primary and recycled materials continued to ease, and downstream enterprises showed a strong desire to bargain down prices. The cobalt chloride and Co3O4 markets continued their sluggish pattern... SMM compiled the price movements of cobalt products this week, as follows: side: According to SMM spot quotes, refined cobalt spot prices fell notably this week. As of August 21, refined cobalt spot prices temporarily stabilized at 300,000-310,000 yuan/mt, with the average price at 305,000 yuan/mt, down 21,500 yuan/mt from 326,500 yuan/mt on August 14, a decline of 6.58%. 》View SMM cobalt-lithium spot quotes According to SMM, the refined cobalt futures continued to grind lower this week, with the spot price center further declining. On the supply side, mid-week, affected by market expectations before the release of customs data, some funds pre-traded a significant increase in China's cobalt intermediate product imports, causing a relatively large pullback in futures. Although the final imports were lower than market forecasts, leading to a slight rebound in prices, the rebound was very limited due to the current weak demand, and prices remained at low levels. After the rapid price decline, most smelters and traders have suspended external quotes, and the market is in a wait-and-see sentiment. On the demand side, downstream enterprises are still in the summer break period, with weak purchase willingness and only maintaining small-volume restocking for essential needs. Market transaction sentiment was generally sluggish. In the short term, SMM believes that the market is still in the off-season, demand support is limited, coupled with weak market sentiment, refined cobalt prices may continue to consolidate at lows. Future attention should be paid to changes in downstream restocking pace after the summer break. Cobalt intermediate product prices side: According to SMM spot quotes, cobalt intermediate product spot quotes remained stable this week. As of August 21, cobalt intermediate product (CIF China) spot quotes temporarily stabilized at $21-22/lb, with the average price at $21.5/lb. According to SMM, the cobalt intermediate product market remained in a stalemate this week, with prices lacking transaction guidance. July customs data showed that China's cobalt intermediate product imports were 16,100 mt in physical content (about 5,000 mt in metal content), slightly below market expectations, but had limited impact on the current supply-demand pattern. Miners' tender intentions remain at $21-22/lb, while downstream psychological price levels have pulled back to $17-19/lb, with no narrowing of the price spread, and tenders continue to be unsuccessful. Some miners started adjusting strategies, considering suspending direct sales and switching to toll processing to produce refined cobalt for sale. In the short term, the tug-of-war between upstream and downstream continues. SMM expects that stabilization of cobalt intermediate product prices still awaits substantial transactions. Cobalt salt side ( and ): : According to SMM spot price quotes, spot cobalt sulphate prices also could not escape the decline this week. After falling for five consecutive trading days, spot cobalt sulphate prices fell to 72,000-75,000 yuan/mt, with the average price at 73,500 yuan/mt, down 5,000 yuan/mt from 78,500 yuan/mt on August 14, a drop of 6.37%. In the spot market, according to SMM, the cobalt sulphate market continued in the doldrums this week, with cost support further moving down, and the psychological price spread between buyers and sellers not narrowing. Supply side quotations remained divergent: primary smelters, constrained by earlier high-priced raw material inventory, maintained quotations at 75,000-80,000 yuan/mt, but the MHP cobalt coefficient has recently pulled back to around 73% discount, and the immediate production cost has dropped to about 70,000 yuan/mt, significantly weakening cost support. Some enterprises may consider selling at a discount above 70,000 yuan/mt in the future. For recycling materials, mainstream quotations were at around 93-95% of SMM low-end prices. Some enterprises with financial constraints further lowered prices to 68,000-70,000 yuan/mt, and individual low-quality cargoes were heard at around 65,000 yuan/mt. Demand side remained sluggish. Cobalt tetroxide enterprises reduced their indicative prices for low-nickel cobalt sulphate to 68,000-70,000 yuan/mt, some ternary precursor enterprises pressed indicative prices for medium-high nickel cobalt sulphate to around 65,000 yuan/mt, but the actual price spread between buyers and sellers remained large, and transactions remained limited. In the short term, SMM believes that the cobalt sulphate market is still in a bottom-seeking phase, and price stabilization still awaits the release of downstream concentrated restocking demand. side: According to SMM spot price quotes, spot cobalt chloride prices remained stable this week. As of August 21, spot cobalt chloride prices held steady at 87,000-91,000 yuan/mt, with the average price at 89,000 yuan/mt, maintaining stable operation compared to August 14. In the spot market, according to SMM, the cobalt chloride market continued its sluggish pattern this week, with actual transactions showing little improvement. On the supply side, to alleviate cash flow constraints and loss reduction pressure, some enterprises have slightly softened their offer prices to seek destocking, but downstream purchasing sentiment was weak, and the transaction growth driven by price cuts was extremely limited. Demand side, Co3O4 enterprises remained constrained by high inventory, and with no signs of recovery in end-use consumption, the procurement pace remained stagnant. In the short term, SMM expects cobalt chloride prices to continue to drift lower. side: According to SMM spot quotations, after declining in the week before last, Co3O4 spot quotes stabilized this week. As of August 21, Co3O4 spot quotes were tentatively stable at 275,000-300,000 yuan/mt, with the average price at 287,500 yuan/mt, flat from August 14. In the spot market, according to SMM, the Co3O4 market sentiment remained sluggish this week, with sporadic transactions. On the supply side, most smelters continued low-load operations under the conditions of high inventory, thin margins, and lingering concerns over inventory buildup. On the demand side, although cathode material producers made sporadic inquiries, firm orders were scarce. Existing raw material inventory was moderate enough to meet short-term production, and there was no urgency to restock. On balance, SMM expects that the broad trend of Co3O4 prices under pressure to weaken in the short term is unlikely to change. On the news front, This week, cobalt product import and export data were released. According to customs data, China's cobalt hydrometallurgy intermediate product imports in July 2026 were approximately 16,174 mt in physical content, up 48% MoM and up 17% YoY. Among them, imports from DRC were approximately 15,970 mt in physical content, up 48% MoM and up 21% YoY. The average import price of China's cobalt hydrometallurgy intermediate products in July 2026 was $17,915/mt in physical content, up 9.56% MoM. This month, about 10,046 mt in physical content of intermediate products imported from DRC entered Zhejiang and Guangdong provinces via Entrepot Trade by Customs Special Control Area, accounting for 62.9% of total imports; Ordinary Trade accounted for about 4,243 mt, or 26.6%; processing trade with imported materials accounted for about 1,681 mt, or 10.5%. In addition, China imported a total of 204 mt in physical content of intermediate products from Russia and Zambia via Ordinary Trade this month.

According to customs data, in July 2026, China's construction machinery import and export trade value was $6.393 billion, up 16.2% YoY. Among them, import value was $198 million, down 25.4% YoY; export value was $6.195 billion, up 18.3% YoY. From January to July 2026, China's construction machinery import and export trade value was $42.024 billion, up 19.8% YoY. Among them, import value was $1.453 billion, down 8.62% YoY; export value was $40.571 billion, up 21.2% YoY. Calculated based on the export value denominated in yuan, China's construction machinery export value in July was 42.251 billion yuan, up 12.6% YoY. From January to July, the export value was 280.518 billion yuan, up 16.7% YoY.

SMM August 21 news: China's LFP cathode material export data for July 2026 was released. Customs data show that exports in July stood at 13,153.3 mt , down 14.5% MoM from the June record high, but still up roughly 380% YoY. Export sentiment stayed high. On the price front, the average export price in July was $9,107.45/mt, edging down about $17.6/mt MoM, a decline of only 0.2%, indicating overall price stability. By region: North America: The US remained the main pillar of overseas demand. Exports to the US in July totaled 5,972.5 mt, up 10.4% MoM. Despite policy uncertainties, domestic battery capacity in the US continued to ramp up, keeping actual import demand rigid. Exports to Canada fell from 2,464.5 mt in June to 1,443.4 mt, down 41.4% MoM, mainly due to a normal pullback after concentrated stockpiling by top-tier players like LG Energy Solution in June. Europe: The recovery trend was further confirmed. Exports to Poland hit 889.5 mt, up 38.1% MoM, the second consecutive month of rebound. Higher operating rates at LG's Poland plant and Northvolt's production lines continued to drive import demand for Chinese LFP cathode materials. Hungary recorded its first export of 16 mt in July, indicating that CATL's Hungary plant had entered the small-batch stockpiling phase, laying the groundwork for future volume growth in Europe. Asia: Exports to South Korea rebounded to 137.0 mt, up 70% MoM, reflecting rigid demand from Japanese and South Korean battery enterprises for cost-effective LFP materials under cost reduction pressure. Exports to Thailand and Vietnam reached 2,089.6 mt and 660 mt, up 4.5% and 6.5% MoM respectively, maintaining steady growth and providing stable support to the Southeast Asian market. Overall, although July exports pulled back MoM, the absolute level remained at a historical high. The core logic of robust overseas LFP demand remained unchanged. (Data source: SMM and customs import and export statistics)

SMM August 21: China's LFP cathode material export data for July 2026 was released. Customs data showed that exports totaled 13,153.3 mt in July, down 14.5% MoM from the historic peak in June, but still up about 380% YoY, with export activity staying high. In terms of prices, the average export price in July was $9,107.45/mt, edging down about $17.6/mt MoM, a decline of only 0.2%, with prices remaining stable overall. By region: North America market, the US remained the main pillar of demand outside China. Exports to the US totaled 5,972.5 mt in July, up 10.4% MoM. Despite policy uncertainties, US domestic battery capacity continued to ramp up, keeping actual import demand rigid. Canada's exports fell from 2,464.5 mt in June to 1,443.4 mt, down 41.4% MoM, mainly due to a normal pullback after concentrated stockpiling by top-tier players such as LG Energy Solution in June. Europe market, the recovery trend was further confirmed. Poland exports reached 889.5 mt, up 38.1% MoM, rebounding for the second consecutive month. Higher operating rates at LG's Poland plant and Northvolt's production lines continued to drive import demand for China's LFP cathode materials. Hungary recorded its first export of 16 mt in the month, indicating that CATL's Hungary plant had entered a small-batch stockpiling phase, laying the foundation for future volume growth in Europe. Asia market, South Korea exports rebounded to 137.0 mt, up 70% MoM, reflecting that battery enterprises in Japan and South Korea still had rigid demand for cost-effective LFP cathode materials under cost reduction pressure. Thailand and Vietnam exported 2,089.6 mt and 660 mt, respectively, up 4.5% and 6.5% MoM, maintaining stable growth and providing steady support for the Southeast Asia market. Overall, although July exports pulled back MoM, the absolute level remained historically high, and the core logic of robust overseas demand for LFP cathode materials remained unchanged. (Data source: SMM and customs import and export statistics) SMM New Energy Research Team Wang Cong 021-51666838 Feng Di-sheng 021-51666714 Yang Chaoxing 021-20707860 Wang Zihan 021-51666914 Wang Jie 021-51595902 Chen Bolin 021-51666836 Wang Yizhou 021-51595909 Xu Mengqi 021-20707868 Hu Xuejie 021-20707858 Lin Ziya 021-51666902 Yang Le 021-51595898 Li Yisha 021-51666730 Wang Zhaoyu 021-51666827 Xiao Wenhao 021-51666872 Zhang Jing 021-51666878