[SMM Data: Complete Summary of SMM March 2026 Import and Export Data] SMM March 2026 import and export data showed: copper cathode net imports were down YoY; primary aluminum imports reached 255,000 mt, up 14.8% YoY; refined lead imports climbed sharply; zinc ingot imports were up 220% MoM; tin ore imports were up 122% YoY; silver imports were up 93% MoM; steel exports rebounded MoM; PV module export value was up 122.7% MoM; silicon metal exports were up 43% MoM, and magnesium exports hit a multi-year high. Among new energy materials, exports of LiPF6 and artificial graphite surged significantly.

Customs data showed that, in terms of exports, silicon metal exports stood at 65,500 mt in January 2026, up 11% MoM and up 25% YoY. In February, silicon metal exports stood at 47,500 mt, down 27% MoM and up 8% YoY. Cumulative silicon metal exports in January-February 2026 stood at 113,000 mt, up 17% YoY.

[Silicone + Capital Disturbances Led to Significant Price Volatility This Week, Silicon Metal Center Rose WoW]: Silicon metal prices experienced rapid and substantial fluctuations this week, starting weak at the beginning of the week, then surging strongly by mid-week before pulling back. As of November 20, SMM oxygen-blown #553 silicon in east China was at 9,500-9,600 yuan/mt, up 50 yuan/mt WoW; #441 silicon was at 9,700-9,800 yuan/mt, up 50 yuan/mt WoW; #421 silicon (used in silicone) was at 9,800-10,200 yuan/mt, flat WoW; and #3303 silicon was at 10,400-10,600 yuan/mt, flat WoW. In the futures market, the most-traded silicon metal contract surged strongly on Wednesday, gaining over 4% and hitting a peak above 9,500 yuan/mt. The main reasons were that after a joint meeting to hold prices firm by monomer plants on Tuesday, offers for various silicone products—a downstream sector of silicon metal—were increased again; planned production cuts in the silicone sector fell short of expectations, having limited impact on silicon metal consumption in the short term; coupled with capital support, the futures market rose rapidly on Wednesday afternoon. After the futures rally, several silicon enterprises in northern China actively sold to spot traders, and the contract pulled back to 9,390 yuan/mt by the close. Market capital sentiment cooled on Thursday, alongside a significant MoM drop in October export data. According to customs data, silicon metal exports in October 2025 were 45,100 mt, down sharply by 36% MoM and 31% YoY. On November 20, the most-traded SI2601 silicon metal futures contract remained weak, closing at 9,075 yuan/mt, down 315 yuan/mt from the previous day but up 55 yuan/mt from last Friday.

[SMM Cast Aluminum Alloy Morning Comment: September Unwrought Aluminum Alloy Imports Down 13.2% YoY, Aluminum Scrap Imports Up 17.7%] In the short term, futures are consolidating, with the medium-term moving average system showing a bullish bias. However, prices remain within the consolidation range, and it is necessary to monitor the breakthrough at the resistance level of 20,400-20,420. If this level holds firmly, it may open upside room; if prices pull back below 20,350, be cautious of short-term adjustment risks.

[Silicon Metal Exports Maintained MoM Increase in August 2025] Customs data showed that in terms of exports, silicon metal exports reached 76,600 mt in August 2025, up 4% MoM and up 18% YoY. Cumulative silicon metal exports from January to August 2025 totaled 491,400 mt, up 2% YoY. In terms of imports, China's silicon metal imports stood at 1,300 mt in August 2025. Cumulative imports from January to August reached 6,700 mt, down 67% YoY.

[July 2025 Silicon Metal Exports Continue to Increase MoM] Customs data shows that in terms of exports: The silicon metal exports in July 2025 were 74,000 mt, up 8% MoM and 37% YoY, reaching a new monthly high since 2022. The cumulative silicon metal exports from January-July 2025 were 414,700 mt, down 1% YoY. In terms of imports: The imports of silicon metal into China in July 2025 were minimal. The cumulative imports from January-July 2025 were 5,300 mt, down 65% YoY.

[Silicon metal exports up 23% MoM in June 2025] According to customs data, in terms of exports: In June 2025, silicon metal exports reached 68,300 mt, up 23% MoM and up 12% YoY. From January to June 2025, cumulative silicon metal exports stood at 340,700 mt, down 7% YoY. In terms of imports: In June 2025, China's imports of silicon metal were minimal. From January to June 2025, cumulative imports amounted to 5,200 mt, down 62% YoY.