[SMM Copper Express] The National Bureau of Statistics (NBS) released data showing that the manufacturing PMI, non-manufacturing business activity index, and composite PMI output index all pulled back in July, weakening the overall business production and operation climate. Overall manufacturing demand was under pressure, which weighed on copper semis purchase willingness in traditional sectors such as home appliances and general machinery, dragging down the pace of recovery in copper consumption in the short term.

[SMM Copper Flash] A spokesperson for the National Development and Reform Commission (NDRC) stated that, according to estimates, the direct new investment in computing power network construction during the 15th Five-Year Plan period is expected to reach 4 trillion yuan. The construction of intelligent computing centers, servers, power distribution and liquid cooling supporting facilities requires large quantities of copper semis. This vast investment plan will continuously drive demand for copper rods, copper busbars, and conductive copper components, bringing new growth to copper consumption over the long term.

[SMM Copper Express] The Ministry of Industry and Information Technology (MIIT) released data showing that in H1, the revenue of the electronic information manufacturing industry above designated size reached 9.41 trillion yuan, up 18.5% YoY, with profits soaring. The monthly revenue in June alone posted a YoY increase of 24.7%. The production of products such as computing power equipment and communication cables requires large amounts of copper semis. The industry continues to boom, providing stable growth support for copper consumption amid weak traditional copper demand.

[SMM Copper Express] On July 31, data was released showing that in January-June 2026, the national electricity market saw cumulative traded electricity volume of 3,684.8 billion kWh, up 24.2% YoY. The scales of intra-provincial trading, inter-provincial and inter-regional trading, and green electricity trading expanded simultaneously. The increase in electricity trading activity reflected the ongoing progress in grid expansion and new energy supporting projects, and the construction of substations and transmission lines continuously boosted demand for copper semis such as copper rod and copper busbar.

On July 29, the China Nonferrous Metals Industry Association (CNIA) held a press conference on the H1 2026 performance of the nonferrous metals industry, both in-person and online. Chen Xuesen, Standing Committee Member of the Party Committee, Vice President and Spokesperson of CNIA, reported on the industry's H1 performance and answered questions from media and enterprise representatives together with relevant department heads. Chen Xuesen stated that the industry's overall operation was stable and improving, with growth in multiple core indicators including production, investment, foreign trade, prices, and profitability. First, production of major varieties grew steadily, while new energy metals diverged. Data from the National Bureau of Statistics (NBS) showed that total production of ten nonferrous metals in H1 reached 41.513 million mt, up 3.3% YoY. Among the 23 nonferrous metal products monitored, production of 13 products increased YoY, while that of 10 products fell YoY. Production and sales of traditional bulk metals were stable with slight gains: copper cathode output was 7.608 million mt (up 5.2%), copper semis 11.982 million mt (up 0.3%), alumina 45.772 million mt (up 3.3%), and primary aluminum 23.187 million mt (up 3.8%). However, upstream mines and downstream processing sectors faced periodic pressure: metal content of six mined metals was 2.955 million mt (down 5.8%) and aluminum semis production was 32.303 million mt (down 2.4%). Industry value-added grew 0.3% in H1, with value-added of the mining and beneficiation sector up 3.2% and that of smelting and processing edging down 0.3%. Production of key new energy metals diverged: silicon metal output was 2.231 million mt (up 2.5% YoY); lithium carbonate capacity release was significant, with production at 563,000 mt (surging 33.9% YoY); refined nickel and refined cobalt output contracted to 221,000 mt and 60,000 mt, down 4.8% and 41.8% YoY respectively. Second, fixed asset investment edged up, with prominent investment vitality in the mining and beneficiation sector. The growth rate of fixed asset investment in the industry narrowed significantly from Q1 in H1. On one hand, project construction progress was constrained by high temperatures and heavy rainfall in some regions; on the other hand, resource constraints became prominent and capacity "involution" intensified, so enterprises had weak willingness for medium and long-term capital expansion domestically and turned more to overseas markets. Overall, the industry's fixed asset investment edged up only 0.4% YoY, down 10.3 percentage points from the Q1 growth rate, with notable sector divergence: investment in nonferrous metals mining and beneficiation rose 21.2%, while investment in smelting and processing declined 4.1%. Private investment was under pressure overall, with industry private investment down 1.0% YoY in H1. By sector, private investment in smelting, rolling and processing fell 3.0%, while that in mine mining and beneficiation grew 8.1%, becoming the main driver of private investment in the industry. Third, foreign trade scale surged significantly, and gold products became the core engine of trade growth. Amid sluggish global economic recovery and intertwined geopolitical turmoil, the industry's foreign trade saw improvements in both volume and quality, with import and export scale expanding substantially. Customs data showed that in H1, total imports and exports of nonferrous metal products reached $347.13 billion, up 68.0% YoY. Specifically, import value was $280.91 billion, up 81.7%, driven mainly by gold products, while export value was $66.22 billion, up 27.3%. The share of gold product imports and exports in the industry's total trade rose to 41.8%, playing a prominent role in boosting overall foreign trade. Bulk raw material imports and exports showed mixed changes. Among them, imports of copper ores and concentrates were 14.61 million mt, down 0.9% YoY, while bauxite imports were 120 million mt, up 17.4%. Imports and exports of copper and aluminum semis showed a pattern of "reduced imports and increased exports." Specifically, imports of unwrought copper and copper semis were 2.49 million mt, down 5.3%, while exports were 879,000 mt, up 18.2%; imports of unwrought aluminum and aluminum semis were 1.88 million mt, down 5.1%, while exports were 3.396 million mt, up 16.3%. In addition, exports of aluminum products (including aluminum alloy wheel hubs) were 2.576 million mt, up 16.4%. Foreign trade in new energy metals continued to gain momentum. Specifically, lithium carbonate imports were 179,000 mt, up 52.3% YoY, silicon metal exports were 379,000 mt, up 11.4%, and unwrought nickel exports contracted sharply to 12,000 mt, down 86.9%. Fourth, market prices consolidated at high levels, with most product prices falling back MoM in June. Affected by overseas resource monopolies and the transmission of geopolitical conflict premiums, major nonferrous metal prices stayed high in H1, but the high prices also forced downstream enterprises to advance material substitution, which to some extent squeezed the industry's demand growth space. In June, market prices saw a phased correction, with 17 of the 24 products monitored by the China Nonferrous Metals Industry Association (CNIA) seeing MoM declines. In terms of H1 average prices, seven products declined YoY, but mainstream products such as copper, aluminum, gold, zinc, tungsten and molybdenum saw price increases. In the domestic spot market in H1, among traditional metals, apart from lead, whose average price was 16,649 yuan/mt, down 1.5% YoY, copper averaged 101,964 yuan/mt, up 31.4%, aluminum averaged 24,124 yuan/mt, up 18.8%, zinc averaged 24,276 yuan/mt, edging up 4.2%, while for precious metals, the average spot gold price was 1,058.4 yuan/g, up 45.9%, and silver averaged 19.7 yuan/g, surging 141.1%. New energy metals showed divergent price changes, with the average price of silicon metal at 9,079 yuan/mt, down 10.7%; battery-grade lithium carbonate at 159,000 yuan/mt, surging 128.1%; nickel at 142,000 yuan/mt, up 12.5%; and cobalt at 417,000 yuan/mt, up 101.5%. Fifth, industry profits increased significantly, with the smelting segment becoming the core pillar of profitability. In H1, the profitability of the industry achieved a leap-forward improvement. The 12,362 enterprises above designated size recorded total operating revenue of 5,769.68 billion yuan, up 21.7% YoY, and total profit of 418.39 billion yuan, up 94.0% YoY. The profit growth accounted for 32.6% of the total profit growth of industrial enterprises above designated size nationwide, boosting the total profit growth of national designated industrial enterprises by 6.1 percentage points, ranking among the top in the industrial sector in terms of profit growth rate. Meanwhile, cost control showed positive results, with the cost per hundred yuan of operating revenue for the above-designated-size enterprises at 90.0 yuan, down 2.7 yuan YoY. The sharp profit increase was driven by multiple favorable factors resonating together: First, tight ore supply and rising scarcity premiums pushed profits toward upstream mines. Second, emerging industries such as AI computing infrastructure, power batteries, energy storage, and NEVs continued to release rigid demand, strongly supporting non-ferrous metal product prices and market demand. Third, geopolitical conflicts periodically pushed up aluminum and sulphuric acid prices, generating phased profit gains; combined with the low price base in H1 2025, these factors jointly drove a sharp YoY increase in profits this year. The profit structure of the industry chain showed a pattern of smelting leading, mining following, and processing being relatively weak. The contribution rates of the mining, smelting, and processing segments to industry profit growth were 23.6%, 65.5%, and 11.0%, respectively, boosting industry profit growth by 22.1, 61.6, and 10.3 percentage points. The profitability difference across the industry chain was significant, with operating profit margins for mining, smelting, and processing standing at 40.6%, 8.9%, and 2.0%, respectively, up 10.3, 3.4, and 0.7 percentage points YoY. The profit increase in the smelting segment was 132.74 billion yuan, accounting for 65.5% of the industry’s profit growth. Aluminum smelting and gold smelting contributed 56.7% and 17.3% of the profit increase in the smelting segment, making them the main drivers of profit growth in the segment. By product, the aluminum sector had the most prominent boosting effect, with a profit growth contribution rate of 43.5%. Dividends from supply-side structural reform in aluminum continued to be released, and global supply tightened due to geopolitical disruptions, pushing aluminum prices persistently higher. The contribution rates of gold, copper, and tungsten & molybdenum were 13.0%, 13.6%, and 9.0%, respectively. Together, these four categories contributed 79% of the industry’s profit growth, becoming the main force behind the profit rise. Profits in only two categories, antimony and silicon metal, were under pressure, while all other metal types achieved positive revenue increases. Chen Xuesen pointed out that since this year, the industry has demonstrated strong development resilience under the dual tests of external risk shocks and internal structural constraints. H1 operations presented three features: support from emerging industry demand, synchronized improvement in industry volume, price, and profit, diversified expansion of overseas resource deployment and continuous improvement of international resource guarantee systems, and prominent domestic resource supply constraints, with primary ores and recycled resources synergistically shoring up weaknesses. Taking all factors into account, the China Nonferrous Metals Industry Association (CNIA) makes the following projections for the industry's 2026 trajectory: H2 nonferrous industry value-added growth rate is expected to be higher than H1, with a full-year industry value-added growth rate of 2%~3%; production of ten nonferrous metals for the full year is up about 3% YoY; major nonferrous metal prices will swing wildly at highs, with geopolitical situations, downstream demand, and overseas supply being the core variables driving price fluctuations; total import and export value will maintain growth for the full year, with import growth being higher, driven by high-price resource procurement and safe-haven demand; exports of copper and aluminum semis and products possess stable resilience, continuing to provide support for stable foreign trade exports; full-year industry operating revenue and total profit remain up YoY, but revenue and profit growth rates will pull back in H2, with the growth rates showing a pattern of stronger first half and weaker second half; the profit allocation pattern remains unchanged, profit advantage at the resource end remains solid, and except for aluminum smelting, the room for profit improvement in other types of smelting and processing is relatively limited. Chen Xuesen stated that in the next step, the industry will closely follow the deployment and requirements of the CPC Central Committee and the State Council, focusing on three core tasks: strengthening the resource security baseline, expanding the recycled resource circular industry, accelerating the green and low-carbon transition and proactively addressing international green trade barriers, and cultivating new development momentum and activating enterprise innovation vitality. Multiple measures will be taken to solidify the foundations of the industry chain and supply chain, promoting both quality and efficiency improvements. (China Nonferrous Metals News)

Western Mining Co., Ltd. 2026 Semi-Annual Report: The company's copper smelting producers are Qinghai Copper and Western Copper Semis. Qinghai Copper employs the world's most advanced and competitive "double bottom blowing" copper smelting process, optimizing economic efficiency by further improving comprehensive recovery indicators. Its current smelting copper capacity is 200,000 mt/year. Western Copper Semis has a smelting copper capacity of 100,000 mt/year, continuously strengthening supply and sales management, enhancing product quality, and boosting profitability. During the reporting period, the company produced a total of 164,000 mt of smelting copper and by-produced 270,000 mt of sulphuric acid.

On July 27, the stock price of Jintian fell. As of the close on July 31, Jintian was down 1.22%, at 9.7 yuan per share. In terms of news, the Investor Relations Activity Record announced by Jintian (July 22–24, 2026) showed: 1. Company’s industry position and competitive advantages. Jintian responded: The company has been deeply engaged in the non-ferrous metal processing field for 40 years and is one of the largest enterprises with the most complete industry chain in China. In 2025, the company achieved total production of copper and copper alloy materials of 1.9061 million mt, with copper semis production ranking first globally. The company offers a rich variety of copper products, capable of meeting clients’ one‑stop procurement needs for multiple categories such as copper billet, pipe & tube, strip, and wire. The company’s copper products have been widely used in NEVs, AI computing power, clean energy, communication technology, and other fields. Currently, the company has developed a strong cultural foundation and excellent organizational capabilities, boasting significant market size and a globalized industrial layout; possesses leading manufacturing and R&D strengths; has built a specialized product portfolio and established a solid group of top industry clients; and has constructed forward‑looking green recycling technology barriers, laying a solid foundation for becoming a world‑class base for copper products and advanced materials. 2. Company’s capacity construction planning in key emerging fields. Jintian responded: At present, the company’s copper busbar capacity for the chip semiconductor field is 35,000 mt, and for rack busway is 15,000 mt. The company established a liquid cooling technology subsidiary in Guangdong to continuously enhance the capacity and technical level of copper busbar for chip semiconductors and rack busways. At the same time, the company is investing in the construction of a “high‑precision copper busbar production project for liquid cooling and rack busways with an annual output of 30,000 mt” in Vietnam, further promoting the specialization and rapid development of liquid cooling‑related businesses. Detailed capacity planning in other emerging fields can be found in the company’s periodic reports. 3. Company’s construction progress and business situation of electromagnetic flat wire. Jintian responded: In 2025, the company’s electromagnetic flat wire shipments reached 25,000 mt, up 16% YoY, of which flat wire shipments for 800V and above high‑voltage platforms grew 50% YoY, and high‑voltage flat wire shipments accounted for 47%, up 10 percentage points YoY, with market share continuing to lead. The company’s NEV electromagnetic flat wire development project has achieved mass production of over 200 items, with 60 new designated projects for NEV drive motors added throughout the year, of which 36 were for high‑voltage platforms, accounting for 60%, and batch supply has been realized for many. The company’s flat wire product for 1000V drive motors has become the core supporting material for “megawatt flash charging” technology in the NEV field, with some projects having achieved batch supply; meanwhile, client certification for 1200V drive motor flat wire is progressing steadily, and the 1500V platform has completed product design verification and entered the client recommendation stage, securing a first‑mover advantage for mass production of next‑generation high‑voltage platforms. 4. Company’s construction progress and business situation of rare earth permanent magnet products. Jintian responded: The company’s rare earth magnetic material business, after over 20 years of deep cultivation, has become one of the enterprises with high technology and a well‑established product system among domestic peers. Currently, the company has two magnetic material production sites in Ningbo and Baotou. On the basis of an annual capacity of 9,000 mt, it is actively planning the second phase project of the Baotou site to further increase capacity to 13,000 mt. In 2025, the company’s rare earth magnetic material business achieved main business revenue of 1.718 billion yuan, up 32.47% YoY; the gross margin of rare earth magnetic material was 12.61%, up 4.25 percentage points YoY. Against the backdrop of rare earth export control policies, the company became one of the first enterprises approved by the Ministry of Commerce and the General Administration of Customs to obtain the general export license for rare earth permanent magnets; at the same time, by newly establishing a subsidiary in Germany, it accelerates international layout and increases international market share. The company’s rare earth permanent magnet products are now widely used in multiple high‑end fields such as NEVs, wind power generation, high‑efficiency energy‑saving motors, robots, consumer electronics, and medical devices. 5. Company’s position advantages and business results in the secondary copper field. Jintian responded: The company has become one of the enterprises with the largest secondary copper utilization volume and the highest comprehensive utilization rate in China, and also one of the few companies globally in the industry to achieve a closed‑loop across the entire industry chain of secondary copper recycling, purification, and deep processing. The company’s self‑developed low‑carbon secondary copper products, while ensuring product performance, have significant carbon reduction strategic value, providing high‑quality and complete one‑stop green copper semis solutions for cutting‑edge technology and zero‑carbon economy development. In 2025, the sales of the company’s green high‑end low‑carbon secondary copper products grew 54% YoY. At present, the product matrix has covered copper strip, copper wire, electromagnetic wire, copper pipe & tube, copper busbar, copper billet, etc., and is applied in high‑end consumer electronics, automotive industry, power and electrical sectors, specifically including laptop cooling modules, mobile phone vibration motors, wireless charging coils, NEV electric drives, AC/DC power supplies, etc., achieving mass production in products of many world‑renowned clients, forming a new performance driver represented by “green low‑carbon secondary copper products.” On July 24, Jintian responded to investors’ questions on the interactive platform, stating that the company adheres to prudent financial policies, has established standardized financial management systems, implements mature full‑process risk decision‑making and operational mechanisms, and maintains efficient capital utilization efficiency. The company has long enjoyed good credit status, with ample bank credit lines at present. The company will continue to handle various risks effectively, steadily promote business development, optimize financial structure, improve asset liquidity, and enhance the efficiency and turnover speed of capital utilization. For specific information, please refer to the company’s periodic reports. On July 1, Jintian issued an announcement stating that in June 2026, the company repurchased 660,000 shares through centralized price bidding, accounting for 0.04% of the company’s total share capital. The highest transaction price was 10.55 yuan per share, and the lowest was 10.15 yuan per share. The total amount paid was 6,844,400 yuan (excluding transaction costs). In its 2025 annual report, when introducing its business operations during the reporting period, Jintian mentioned: The company has focused on the non‑ferrous metal processing field for 40 years, providing advanced material high‑value comprehensive solutions to various pillar, technology‑based industries and advanced productivity fields, forming a multi‑category segmented product matrix of copper and copper alloy materials, rare earth permanent magnet materials, etc. Currently, the company has become one of the copper and copper alloy material producers with the most complete industry chain, the widest variety, and the largest scale in China, as well as one of the enterprises with high technology and a well‑established product system in the domestic rare earth magnetic material industry. Regarding the business plan, Jintian stated in its 2025 annual report: In 2026, the company will focus on high‑quality development requirements, guided by the strategic goals of the 15th Five‑Year Plan, and formulate specific strategic goals tailored to market demand changes and the company’s actual situation. With an international perspective and concept, it will introduce advanced technologies, improve organizational capabilities, and comprehensively enhance management levels in procurement, production, and sales, striving to build a modern industrial system and make solid progress toward the company’s strategic goals. At the same time, the company has long adhered to an international strategic layout, serving global clients, utilizing high‑quality global resources, and promoting the company’s product leadership, talent leadership, management leadership, and service leadership, providing clients with professional solutions and services. The company will, as always, persist in leading through technological innovation, accelerate the realization of high‑level technological self‑reliance and self‑strengthening, speed up the development of new quality productive forces, open up new fields and new tracks for development, cultivate new development momentum, and enhance new competitive advantages. It will continue to deeply cultivate the NEV industry, clean energy, and chip semiconductor industry to consolidate industry influence; rapidly expand the computing power cooling industry to achieve large‑scale mass production and build a growth engine; focus on the layout of robot and low‑altitude flight cutting‑edge R&D to form future competitiveness; and continuously promote the company’s low‑carbon recycled product innovation to create a core low‑carbon advantage. A research report from Huaxi Securities pointed out: Amid the AI computing power infrastructure boom, the demand logic for copper is expanding from a traditional power metal to an underlying core material for AI hardware. 1) As the speed of AI servers, switches, and high‑speed network equipment continues to increase, copper cables in short‑distance high‑speed interconnects, with advantages of low cost, low power consumption, and low latency, still hold an important position in intra‑rack interconnects, server backplanes, and high‑speed connection scenarios. 2) The demand for high‑performance copper foil from high‑frequency and high‑speed PCBs, AI accelerator cards, and switch motherboards is rising, with low‑profile, high‑ductility, high‑reliability copper foil becoming a key material for high‑speed signal transmission. 3) The increase in power density of AI servers drives the demand for power supply copper busbars, connector copper alloys, liquid cooling plates, cooling modules, and power system copper materials, upgrading copper from a “usage logic” to a dual logic of “usage + material added value.” High‑end copper foil and copper materials end: [Tongguan Copper Foil], [Zhongyi Technology], [Jiayuan Technology], [Nuode], [Defu Technology], [Baoding Technology], [Boway Alloy], [Chujiang New Materials], [Jintian], [Zhejiang Hailiang], [Zhongyuan New Materials], [Diangong Alloy], [Youyan Powder Materials]; high‑speed interconnect and connector peripheral targets: [Woer Heat‑Shrinkable Material], [Shenyu Communication], [Zhaolong Interconnect], [Dingtong Technology], [Huafeng Technology].

As the first year of the "15th Five-Year Plan," 2026 marks a critical stage for the global copper industry, characterized by supply-demand restructuring, technological innovation, and green transformation. Constrained by resources, costs, and geopolitics, copper supply growth remains limited. Meanwhile, new energy, new-type power grids, and AI computing power are driving substantial copper demand, widening the supply-demand gap and heightening copper's strategic value. Leveraging the "Implementation Plan for High-Quality Development of the Copper Industry (2025–2027)," China's domestic copper industry is accelerating its high-end, intelligent, and green transformation. Against this backdrop, , will be held on October 28-30 at the Shangri-La Hotel, Nanchang, Jiangxi . Shanghai Metals Market (SMM) , together with Jiangsu Hongbo Gas Equipment Technology Group Co., Ltd. , invites you to attend . The conference focuses on the high-quality development of the copper industry, bringing together stakeholders from industry, research, and finance to discuss technological innovation and resource synergy, thereby shifting China's copper industry from scale advantage to dual leadership in technology and value. Click the to register now; we look forward to meeting you at the conference. Application of Nitrogen Generators in the Entire Copper Processing Industry Chain (Primarily PSA Nitrogen Generation, with Purification Units and Hydrogen-Nitrogen Ratio Control) Copper easily oxidizes, blackens, rusts, and forms scale at high temperatures. Nitrogen, as an inert protective gas, isolates oxygen and moisture and is an essential gas source for melting and casting, wire drawing, annealing, copper pipe & tube and strip, electronic copper foil, and furnace purging. On-site nitrogen generation replaces liquid nitrogen/nitrogen cylinders, significantly lowering gas costs. Product Introduction Fully Automatic PSA Nitrogen Generator Nitrogen purity adjustable 99.5%–99.999% Flow rate 5–1,000 Nm³/h PSA Nitrogen Generator + Carbon Deoxidation Purification Unit Nitrogen oxygen content 1–10 ppm Flow rate 30–1,000 Nm³/h Nitrogen dew point ≤ -60°C PSA Nitrogen Generator + Hydrogenation Deoxidation Purification Unit Nitrogen oxygen content 0.3–10 ppm Flow rate 30–1,000 Nm³/h Nitrogen dew point ≤ -60°C Ammonia Decomposition Hydrogen Generation and Fully Automatic Hydrogen-Nitrogen Ratio Control Unit Hydrogen content optionally adjustable Ratio precision ≤ ±0.5% Flow rate 5–350 Nm³/h Advantages of the Nitrogen Generator Solution (Compared with Externally Purchased Liquid Nitrogen) 1. Continuous and stable gas supply, eliminating the risk of production halts due to gas interruptions; 2. Long-term operating cost only 1/3 to 1/4 of liquid nitrogen; 3. Pressure, purity, and flow rate automatically adjustable, matching the operating conditions of annealing furnaces/melting furnaces; 4. Skid-mounted integrated design, adapted to the dusty and high-temperature environment of copper plants, supporting 24-hour unattended operation. I. Melting and Casting Process (Upward-drawing copper rod, continuous casting, medium-frequency melting) 1. Liquid surface sealing protection for melting furnace 2. Furnace body replacement, furnace washing, purging 3. Nitrogen protection specifically for upward-drawing bare bright copper rod II. Bright Annealing (The largest gas-consuming station in the copper industry) After cold working, copper wire, copper strip, copper pipe & tube, copper busbar, brass/phosphor bronze harden; annealing at 400–650℃ to relieve stress. Without nitrogen protection, the surface becomes black and scale forms. III. Wire Drawing, Copper Foil, and Precision Copper Semis Production 1. Intermediate annealing for heavy/medium/micro drawing 2. Electronic copper foil, ultra-thin copper strip 3. Hollow copper pipe & tube, precision alloy copper IV. Other Supporting Process Applications 1. Sintering of powder metallurgy copper parts 2. Finished product packaging, anti-oxidation storage 3. Hydraulic/pneumatic purging, leak detection Contact Information Li Lili 189 1264 4498 Scan to Register SMM Conference Contact Liu Mingkang 156 5309 0867 liumingkang@smm.cn

The State Council Information Office held a press conference today (14th) to present China's foreign trade performance since the start of this year. It was introduced that in H1, China's foreign trade achieved double-digit growth and maintained a good momentum. With the rapid development of artificial intelligence, imports and exports of related products showed strong momentum. In H1, imports and exports of computing hardware such as electronic components and computer parts totaled 5.13 trillion yuan, up 56.6%. Smart products like AI glasses, AI translators, and mechanical exoskeletons have been quickly iterating, with various innovative products constantly emerging. According to customs statistics, in H1 of this year, China's total goods trade imports and exports reached 25.47 trillion yuan, up 16.9% YoY. Specifically, exports were 14.73 trillion yuan, up 13.4% YoY, maintaining growth for 11 consecutive quarters; imports were 10.74 trillion yuan, up 22.1% YoY, outpacing exports by 8.7 percentage points. In June, imports and exports totaled 4.78 trillion yuan, up 24.2% YoY, maintaining growth for 17 consecutive months. Export side, the product structure further improved. In H1, China's exports of mechanical and electrical products reached 9.36 trillion yuan, up 20.1%, accounting for 63.5% of total exports, up 3.5 percentage points compared to the same period last year. Exports of high-tech products reached 3.26 trillion yuan, up 39%. Import side, in H1, China's import growth outpaced exports by 8.7 percentage points, promoting balanced development of imports and exports. Within this, imports rose for energy and other bulk commodities (3.4%), mechanical and electrical products (28%), and agricultural products (8.6%). Trading partner side, China's diversified markets continued to consolidate. In H1, China's imports and exports to Belt and Road partner countries totaled 12.97 trillion yuan, up 14.8%, accounting for 50.9% of total foreign trade. Imports and exports to neighboring countries reached 9.44 trillion yuan, up 20.6%. Trade with Latin America, Africa, and the EU expanded by 16.2%, 19.6%, and 10.2%, respectively. Business entity side, all types of business entities in China maintained good growth momentum. Imports and exports by private enterprises reached 14.53 trillion yuan, up 17%, accounting for 57% of total foreign trade. Imports and exports by foreign-invested enterprises and state-owned enterprises grew by 17.1% and 16.8%, respectively. Wang Jun, Deputy Commissioner of the General Administration of Customs, introduced at the press conference held by the State Council Information Office: Overall, China's foreign trade achieved remarkable results in H1. Meanwhile, the current external environment remains complex and volatile. The World Bank believes that the global economy is facing pressures from rising energy prices, intensifying inflationary pressure, and expectations of monetary policy tightening, leading to a weakening growth outlook. IMF forecast data shows that world economic growth is expected to slow from 3.5% last year to 3% this year, and the growth rate of goods and services trade volume is also expected to slow from 5% last year to 3.5% this year. In H2, China’s foreign trade will face some pressure, but with strong innovation momentum, robust market vitality, and a high level of openness, the fundamentals of foreign trade will remain solid, and the positive momentum in foreign trade development is expected to continue. Based on data released by the General Administration of Customs, SMM compiled the import and export situation of selected products in the metals industry, as follows: Exports: Rare earth exports in June 2026 5,104.8 mt, down 34.1% YoY vs June 2025 . Cumulative exports from January to June 2026 30,482.8 mt, down 6.4% YoY vs January to June 2025. Steel exports in June 2026 10.32 million mt, up 6.6% YoY vs June 2025 . Cumulative exports from January to June 2026 5,487.4 mt, YoY down 5.6 % vs January to June 2025. Unwrought aluminum and aluminum semis exports in June 2026 711,000 mt, up 45.4% YoY vs June 2025 . Cumulative exports from January to June 2026 3.396 million mt, up 16.3% YoY vs January to June 2025. Imports: Iron ore and concentrates imports in June 2026 112.689 million mt, up 6.4% YoY vs June 2025 . Cumulative imports from January to June 2026 628.868 million mt, up 6.3% YoY vs January to June 2025. Copper ore and concentrates imports in June 2026 2.335 10kt, down 0.6% YoY vs June 2025 . Cumulative imports from January to June 2026 14.609 10kt, down 0.9% YoY vs January to June 2025 . Coal and lignite imports in June 2026 42.779 10kt, up 29.5% YoY vs June 2025 . Cumulative imports from January to June 2026 225.4 million mt, up 1.7% YoY vs January to June 2025 . In June 2026, rare earth imports reached 6,261.5 mt, down 25.3% YoY from June 2025 . In January-June 2026, cumulative imports totaled 53,886.6 mt, down 6.1% YoY from January-June 2025. In June 2026, steel imports reached 441,000 mt, down 6.2% YoY from June 2025. In January-June 2026, cumulative imports totaled 2.696 million mt, down 11.3% YoY from January-June 2025. In June 2026, imports of unwrought copper and copper semis reached 478,000 mt, up 3% YoY from June 2025 . In January-June 2026, cumulative imports totaled 2.491 million mt, down 5.3 % YoY from January-June 2025.

According to the latest data released by the General Administration of Customs on July 14, China's imports of copper ore and concentrates in June were 2.3348 million mt, with cumulative imports for January-June reaching 14.6092 million mt, down 0.9% YoY; imports of unwrought copper and copper semis in June were 478,300 mt, with cumulative January-June imports at 2.491 million mt, down 5.3% YoY. On the export side, China's exports of unwrought aluminum and aluminum semis in June were 710,900 mt, with cumulative exports for January-June at 3.3964 million mt, up 16.3% YoY. Detailed data are as follows (unit: 100 million yuan): Item Unit June Jan-Jun Cumulative Jan-Jun 2025 Cumulative Cumulative YoY Change % Volume Value Volume Value Volume Value Volume Value Import Copper Ore and Concentrates 10kt 233.48 583.22 1460.92 3671.25 1473.51 2778.43 -0.90 32.10 Unwrought Copper and Copper Semis 10kt 47.83 457.33 249.10 2299.07 262.93 1842.99 -5.30 24.70 Export Unwrought Aluminum and Aluminum Semis 10kt 71.09 201.81 339.64 935.41 292.08 728.95 16.30 28.30 Note: "Flash" data are preliminary monthly summary statistics from customs and are subject to the official monthly data after correcting errors in the original statistical raw data. (Wenhua Comprehensive)