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%.

The SMM Imported Zinc Concentrate Index for this week is $53/dmt, with a 5.26% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-45/dmt.

According to SMM statistics, as of June 13, the aluminum ingot inventory in Guangdong was 181,000 mt, in Wuxi was 108,000 mt, and in Gongyi was 45,500 mt, with a total inventory of 334,500 mt across the three locations, a decrease of 4,500 mt from the previous trading day. The core driver of destocking lies in the continued tightness on the supply side. Strategic adjustments by aluminum plants in multiple northern regions and some aluminum smelters in south-west China have led to a MoM decline in casting ingot volumes. Coupled with the consistently low volumes of aluminum ingots in transit and actual arrivals in major consumption areas, this has collectively resulted in a tight supply of circulating goods. Although there are expectations of a slight increase in shipments from north-west China and inter-regional transfers due to price spreads, the short-term increase has not yet caused significant pressure. It is necessary to monitor whether there will be a notable increase in arrivals in east China in the future. Meanwhile, the resilience of consumption during the off-season (particularly in east China) has effectively absorbed the recent lower supply. Looking ahead, it is expected that inventory will continue to destock under the support of low arrival volumes in the short term.

June 13 News: According to SMM statistics, on June 13, the inventory of aluminum ingots in Guangdong was 181,000 mt; in Wuxi, it was 108,000 mt; and in Gongyi, it was 45,500 mt. The total inventory across these three locations was 334,500 mt, a decrease of 4,500 mt from the previous trading day.

According to SMM statistics, as of June 12, the inventory of aluminum ingots at major domestic consumption hubs stood at 460,000 mt, a decrease of 17,000 mt from Monday this week and a decline of 44,000 mt WoW from Thursday last week. The core driver of destocking lies in the continued tightness on the supply side. Strategic adjustments by aluminum smelters in multiple northern regions and some aluminum smelters in south-west China have led to a MoM decrease in casting ingot volumes. Coupled with the consistently low volumes of aluminum ingots in transit and actual arrivals at major consumption hubs, this has collectively resulted in a tight supply of circulating goods. Although there are expectations of a slight increase in shipments from north-west China and inter-regional transfers due to price spreads, the short-term increase has not yet caused significant pressure. Attention should be paid to whether there will be a notable increase in arrivals in east China in the future. Meanwhile, the resilience of the consumption side, particularly in east China, has effectively absorbed the recent lower supply. Looking ahead, supported by low arrival volumes in the short term, inventory is expected to maintain a destocking trend. After a rapid breakthrough of the 500,000 mt threshold, close attention should be paid to whether it can successfully refresh the year's low of 440,000 mt, thereby further boosting market sentiment.

June 12 News: According to SMM statistics, as of June 12, the inventory of aluminum ingots at major domestic consumption hubs stood at 460,000 mt, a decrease of 17,000 mt compared to this Monday and a decrease of 44,000 mt WoW from last Thursday.

June 11 News: According to SMM statistics, on June 11, the inventory of aluminum ingots in Guangdong was 189,000 mt; in Wuxi, it was 111,000 mt; and in Gongyi, it was 44,500 mt. The total inventory across these three locations was 344,500 mt, a decrease of 11,900 mt from the previous trading day.

SMM Steel News on June 10: According to SMM statistics, the estimated total resource shipments in the mainstream market this week were 255,400 mt, up 19,000 mt WoW from the shipment level last week. By market:

June 10 News: According to SMM statistics, on June 10, the inventory of aluminum ingots in Guangdong was 194,900 mt; in Wuxi, it was 115,000 mt; and in Gongyi, it was 46,500 mt. The total inventory across these three locations was 356,400 mt, a decrease of 1,000 mt from the previous trading day.

June 9 News: According to SMM statistics, on June 9, the inventory of aluminum ingots at major domestic consumption centers stood at 477,000 mt, a decrease of 27,000 mt from last Thursday and a decrease of 34,000 mt from the end of May.