According to data from the General Administration of Customs, China's copper plate/sheet and strip exports in March 2026 reached 11,612.2 mt, up 38.32% MoM and up 10.14% YoY. From January to March, China's cumulative copper plate/sheet and strip exports totaled 33,241.21 mt, up 16.95% YoY cumulatively.

Indonesia’s state-owned utility Perusahaan Listrik Negara (PLN) expects its LNG requirement to surge to 103 cargoes in 2026, up from 90 in 2025, as the country grapples with a 5.3% annual growth in power demand and declining pipeline gas supplies. While PLN has secured 62 cargoes through long-term contracts with BP, a 41-cargo gap persists, with 32 cargoes anticipated from the Bontang and Tangguh plants and 9 still awaiting government allocation. Despite warnings from upstream regulator SKK Migas regarding potential shortages, Energy and Mineral Resources Minister Bahlil Lahadalia maintains that domestic production will suffice through 2026 without imports.

With utilization rates among Korean battery manufacturers remaining around 50% and reflecting a timing mismatch between demand and supply, utilization is increasingly emerging as a key indicator of cost structure and operational efficiency in a context where capacity expansion has preceded demand realization.

Strong industrial demand and supply constraints are driving both inventory buildup and structural tightness in the copper market.

【SMM Copper Inventory Update】Concentrated arrivals of imported and domestic supplies, with additional cargoes queuing for warehousing, coupled with suppliers actively stocking up driven by delivery requirements, along with persistently weak consumption during the Chinese New Year on the demand side, collectively contributed to a significant inventory buildup. According to SMM data, as of February 24, 2026, social inventory of copper cathode in mainstream domestic areas increased by 154,900 mt during the holiday, reaching a five-year high, with the total volume exceeding 500,000 mt.

[SMM Analysis]ADC12 Prices Accelerated Rise to Hit Highs in January, Center Expected to Pull Back in February

[SMM Daily Review: Spot Lithium Carbonate Prices Held Steady on September 9] The SMM battery-grade lithium carbonate index stood at 74,589 yuan/mt, up 94 yuan/mt from the previous trading day. Battery-grade lithium carbonate traded at 73,700-75,500 yuan/mt, with an average price of 74,600 yuan/mt, flat from the prior session. Industrial-grade lithium carbonate ranged at 71,750-72,950 yuan/mt, averaging 72,350 yuan/mt, unchanged from the last trading day. Demand side, the market remains in its peak season, sustaining just-in-time procurement by downstream players. However, WoW, procurement activity slowed slightly as futures prices rebounded. Supply side showed structural divergence: spodumene-sourced lithium carbonate accounted for over 60% of production, while lepidolite-derived output dropped to 15%. Overall, September saw synchronized supply and demand growth, but demand expanded faster, likely leading to temporary tightness in the month.

Last week's announcement of import and export restrictions in the Congo (DRC) has led to a continuous increase in cobalt sulfate prices. However, due to insufficient short-term demand support, the price increase has been relatively limited. Nickel sulfate prices have remained essentially stable, while lithium carbonate prices have shown a slight rebound and are fluctuating.

[SMM Titanium News] Titanium's strategic importance surges with unique properties vital for aerospace (primary demand), medical implants & industrial applications. Recovery in aviation and rising defense budgets drive alloy demand, while TiO₂ ensures stable cash flow in pigments. Geopolitics accelerates supply chain diversification as Western nations seek alternatives to Chinese/Russian sponge titanium.

According to CCTV News, on June 12, Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked about the meeting of the China-U.S. Economic and Trade Consultation Mechanism. Lin Jian stated that he would like to emphasize that this meeting was held under the strategic guidance of the heads of state of the two countries. The two sides reached a consensus in principle on the framework of measures to implement the important consensus reached during the phone call between the heads of state of the two countries on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing each other's economic and trade concerns. The Chinese side has always delivered on its promises. Now that a consensus has been reached, both sides should abide by it. It is hoped that the U.S. side will work with the Chinese side to implement the important consensus reached during the phone call between the heads of state of the two countries, give full play to the role of the China-U.S. Economic and Trade Consultation Mechanism, and enhance consensus, reduce misunderstandings, and strengthen cooperation through communication and dialogue.