The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Mar , 2026

According to data from the Azerbaijani Statistical Committee, in the first two months of 2026, Azerbaijan produced 11,771 tons of aluminum products, a year-on-year increase of 30.4%. As of March 1, the country held 3,729 tons of finished aluminum products in stock. In 2025, Azerbaijan produced 50,893 tons of aluminum products, a decrease of 23% compared to 2024. Furthermore, according to data from the Azerbaijani Customs Committee, in the first two months of 2026, Azerbaijan exported a total of 12,900 tons of aluminum and aluminum products, with an export value of US$42 million.

SMM News, March 23: Data brief: As of Monday, March 23, SMM copper inventories in major regions nationwide fell 14.54% WoW from last Monday, with all regions posting significant destocking. Specifically, in Shanghai, the arrival pace of imported and domestic supplies remained normal, while downstream consumption continued to recover on the back of the pullback in copper prices, leading to notable inventory drawdowns; in Jiangsu, downstream consumption also improved significantly amid the sharp pullback in copper prices; in Guangdong, downstream consumption remained highly buoyant, and together with tighter supply, spot inventory dropped sharply. Looking ahead, arrivals of imported and domestic supplies are expected to remain stable, with the overall supply side tending to stabilize; on the demand side, the continued pullback in copper prices will further stimulate downstream procurement demand, and rigid demand is expected to continue to be released. According to survey data, the weekly operating rate of copper cathode rod is expected to rise to 83.76% this week, up 2.25 percentage points WoW. Considering both supply and demand, the market has currently formed a pattern of “stabilizing supply and continued recovery in consumption,” and social inventory is expected to continue destocking this week.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 23 Mar , 2026

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.

[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.