According to the latest customs data, in January 2026, China’s imports of copper-zinc alloy (brass) bars and rods were 2,050.01 mt in physical content, down 8.37% MoM and up 24.53% YoY. In February, China’s imports of copper-zinc alloy (brass) bars and rods were 1,344.87 mt in physical content, down 34.4% MoM and down 36.67% YoY, showing an overall sharp decline. Cumulative imports in January-February 2026 were 3,394.87, down 9.94% YoY cumulatively. (HS codes 74072111, 74072119, 74072190).

Data released by the online customs statistics query platform showed that China’s refined tin imports were 1,101.12 mt in January 2026, down 28.86% MoM and down 52.82% YoY. Indonesia was the largest origin, with refined tin imports from Indonesia at 613.8 mt that month, down 3.53% MoM and down 66.36% YoY. Russia was the second-largest origin, with refined tin imports from Russia at 158.06 mt that month, up 691.52% MoM. Below is a breakdown of China’s refined tin imports in January 2026 compiled based on data from the official website of the General Administration of Customs: Source: General Administration of Customs Note: 1. Refined tin includes unwrought non-alloy tin (refined tin). 2. The total imports (total) also include data for certain origins not listed in the table above. (Wenhua Composite)

[SMM Analysis] It cannot be ignored that the shortage of copper concentrates has gradually been transmitted to copper cathode. In the first half of 2024, there were continuous reports of production cuts and even shutdowns at overseas smelters. This indicates that despite the launch of new smelting and refining projects in the second half of the year (H2), the global supply of copper cathode will not ease.

According to data from China Customs, China's refined tin imports reached 1,128 mt in April 2025, up 53.69% YoY and down 46.30% MoM. The import window gradually opened after late April, with some traders locking in orders on the futures market. However, due to the short time frame, the imports would mostly arrive in May. China exported 1,638 mt of refined tin in April, down 14.84% YoY and 2.15% MoM. Due to differences in trade modes, it can be seen that the refined tin exports in April mainly came from Processing with Imported Materials, with exports down 0.53% MoM from March. The refined tin was mainly exported to countries and regions such as Japan, the Netherlands, South Korea, India, and Thailand, with the main destinations being refined tin consumption areas. The net refined tin exports in April were 510 mt, and the cumulative net refined tin exports from January to April 2025 were 382 mt. Data source: General Administration of Customs

[SMM Analysis: Tin Ore Imports Remained Low in April, with Persistent Supply Pressure on the Domestic Smelting Side] In April, domestic tin ore imports stood at 9,800 mt (equivalent to approximately 4,336 mt in metal content), up 18.48% MoM and down 4.22% YoY, representing an increase of 519 mt in metal content compared to March (which was equivalent to 3,817 mt in metal content). The cumulative imports from January to April reached 367,000 mt, down 47.98% YoY. In April, domestic tin ingot imports amounted to 1,128 mt, down 46.31% MoM and up 53.68% YoY. The cumulative imports from January to April totaled 7,432 mt, up 12.16% YoY...

[Futures Market Review] The most-traded SHFE tin futures contract rose slightly mid-week, closing at 262,000 yuan per mt. SHFE inventory decreased slightly to 9,249 mt, while LME inventory also decreased slightly to 2,425 mt. In terms of advanced data, tin imports remained unprofitable, and the 40% tin concentrate TCs remained stable. [Industry Performance] The latest document, "Procedures for Obtaining Mining, Beneficiation Plant, and Prospecting Permits in the Manxiang Mining Area," clarified the fee standards for mine tunnels and beneficiation plants, which were significantly higher than those mentioned in the "Wa Jing Zi 2023-08" document issued in December 2023. Industry insiders analyzed that this price adjustment would have a limited impact on high-altitude mine tunnels but would increase cost pressure on low-altitude mine tunnels and small-to-medium-sized beneficiation plants. Some financially weak beneficiation plants might face difficulties in resuming operations. In contrast, large enterprises with strong financial resources would have a greater advantage. [Core Logic] With macro stability, tin prices are gradually returning to fundamental factors. The supply side remains basically stable. Although the Wa State has issued relevant documents to actively promote the resumption of tin mine production, it will be extremely difficult to complete the entire resumption process within the next 1-2 weeks. On the demand side, due to expectations of easing Sino-US tariff policies, the Philadelphia Semiconductor Index has slightly warmed up. The semiconductor sector is still in the tail end of the prosperity cycle and has not yet shown a significant pullback, providing some support for prices. [Nanhua's View] Seeking a new equilibrium, with a weekly trading range of 252,000-268,000 yuan per mt. (Source: Nanhua Futures)

SMM Analysis: Tin Ingot Imports and Exports in March Showed a Divergence Characterized by a Temporary Rebound in Imports and a Slowing Growth in Exports. In March, domestic tin ore imports stood at 8,300 mt (equivalent to 3,817 mt in metal content), down 4.83% MoM and 63.98% YoY, an increase of 255 mt in metal content compared to February (equivalent to 3,562 mt in metal content). Cumulative imports from January to March totaled 269,000 mt, down 55.44% YoY. Domestic tin ingot imports in March were 2,101 mt, up 12.41% MoM and 146.6% YoY. Cumulative imports from January to March reached 6,304 mt, up 6.99% YoY.

【Futures Market Review】The most-traded SHFE tin contract rose slightly by 2.22% mid-week, closing near 282,000 yuan per mt. SHFE inventory increased slightly to around 9,255 mt, while LME inventory pulled back significantly to around 3,050 mt. In advanced data, spot tin imports were at a loss; 40% tin TC remained stable at 12,700 yuan per mt; spot tin discounts were 100 yuan per mt. 【Industry Performance】According to an earlier notice, Myanmar's Wa State, a major tin producer, will hold a meeting with investors next week at the Manxiang mining area to discuss resuming mining activities in the region. The meeting is scheduled for April 1 at the Manxiang government office, as per the notice from the Wa State Industrial and Mineral Resources Administration. Wa State spokesperson Nyi Rang confirmed the notice but expressed uncertainty about when mining operations would resume. 【Core Logic】A 7.9-magnitude earthquake struck Myanmar on March 28, with the epicenter located at 21.85 degrees north latitude and 95.95 degrees east longitude, some distance from Myanmar's main tin mining areas. No news of tin mine collapses has emerged yet, but such a high earthquake magnitude is likely to affect the mines. According to a draft released by the Wa State Central Economic Planning Committee, a symposium on resuming production at the Manxiang mining area is scheduled for April 1. The earthquake is highly likely to delay the symposium and postpone the actual resumption of production. Looking ahead to the next week, tin price volatility is unlikely to decrease, and absolute prices may pull back slightly, as the earthquake in Myanmar has caused an overbought situation, leading to a potential retracement of irrational gains. 【Nanhua View】A slight pullback is expected, with a weekly trading range of 270,000-280,000 yuan per mt.

Futures Market Review: The most-traded SHFE tin contract pulled back by over 4% mid-week, closing around 276,000 yuan per mt; SHFE inventory remained stable at around 8,500 mt, while LME inventory stayed at about 3,700 mt. In terms of advanced data, spot tin imports were in a loss; 40% tin TC dropped to 12,700 yuan per mt; spot discounts for tin stood at 100 yuan per mt. Industry Performance: According to data released by China Customs, as of the end of February 2025, China's total imports of tin concentrates physical content amounted to 18,587 mt, with a metal content of 7,138.3 mt, down 12.5% YoY. The top 3 import sources for the first two months were DRC and Nigeria, among other African countries, importing 2,945 mt, accounting for 41% of total imports, ranking first; Australia imported more than 1,800 mt, accounting for 25%, ranking second; Myanmar imported nearly 1,300 mt, accounting for 18%, ranking third. Core Logic: The most notable pullback in tin prices during the week was on the afternoon of March 21, following the decline in the non-ferrous metals sector. Prior to this, tin prices had already adjusted for the actual impact of the Alphamin tin mine shutdown. As we calculated, the reduction in tin ore from the Bisie tin mine shutdown could be offset by the increased production from Myanmar. The pullback on the afternoon of March 21 was somewhat related to the rebound in the US dollar index. Looking ahead to the next week, if the US dollar index does not further rebound, the closing price on March 21 can be used as a reference for the entire week; if the US dollar index further rebounds, tin prices may pull back to 270,000 yuan per mt. Nanhua View: High-level fluctuation, with a weekly range of 270,000-280,000 yuan per mt. (Source: Nanhua Futures)

[SMM Newsflash: Suspension of Operations at the World's Third Largest Tin Mine, Bisie, Raises Market Supply Concerns; LME Tin Surges, SHFE Tin Hits Limit-Up, Spot Market Stalls] The market's concerns over supply disruptions intensified following the news that Alphamin Resources Corp had suspended mining operations at the Bisie tin mine in Walikale, North Kivu Province, eastern DRC. Bulls continued their aggressive push, with LME and SHFE tin closing the night session with gains of 8.34% and 9.15%, respectively. This upward trend extended into the morning session on March 14. As of 9:24 a.m. on March 14, LME tin rose 2.51% to $36,800/mt, while SHFE tin hit the limit-up at 291,510 yuan/mt.