[SMM Aluminum Express] According to customs data, imports of unwrought aluminum alloy in May 2026 were 64,500 mt, down 33.5% YoY and down 12.1% MoM. Cumulative imports from January to May 2026 were 378,500 mt, down 18.6% YoY. Exports of unwrought aluminum alloy in May 2026 were 60,100 mt, hitting a new monthly high for exports, surging 148.7% YoY and up 29.9% MoM. Cumulative exports from January to May 2026 were 171,400 mt, up 81.3% YoY.

According to customs data, China's exports of antimony oxide in May 2026 amounted to 193.15 tonnes, representing a sharp month-on-month decline compared to April's export volume of 379.385 tonnes.

China's Bismuth Trioxide Exports Rise in May, Upward Trend Expected to Continue

According to customs data, China's exports of bismuth trioxide in May 2026 totalled 1,033.611 tonnes, up from 898.429 tonnes in April 2026, representing a modest month-on-month rebound and a return to above the 1,000-tonne threshold.

China’s rebar futures fell below around 432 USD/tonne, the lowest in two months, as weak economic data and the property downturn weighed on demand expectations. May crude steel output dropped 2.7% YoY to 84.35 million tonnes, while slower fixed-asset investment and consumption further pressured sentiment. Steel exports rose 8.8% MoM in May, but Jan–May exports were still down 8.1% YoY amid rising trade barriers.

According to customs data, China's exports of bismuth trioxide in May 2026 totaled 1,033.611 mt, compared with 898.429 mt in April 2026, representing a slight MoM rebound and a return above the 1,000 mt level. Looking at overall export volume trends, China's bismuth trioxide exports have shown an uptrend almost every month since September 2025, indicating that export enthusiasm among bismuth trioxide enterprises remains solid and demand outside China is also increasing notably. While May exports held above the 1,000 mt level, they still exhibited a continued uptrend. Market participants believe that with Q3 approaching, the market may engage in some advance stockpiling and usher in the summer break; it is highly likely that China's bismuth trioxide exports will continue to increase in June.

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $13,625.5/mt, dipped to $13,584.6/mt early in the session, then fluctuated upward to a high of $13,675.7/mt, and finally closed at $13,587/mt, down 0.50%. Trading volume reached 10,500 lots, and open interest reached 253,000 lots, an increase of 2,615 lots from the previous trading day, reflecting bearish position building. Meanwhile, SHFE copper was closed last Friday night due to a holiday.

In May 2026, China imported 131,000 mt of phosphate ore, down 36.4% from April, with the average price easing 2.6% to $93/mt.

Data released by the Customs Statistics online query platform showed that China's imports of tin ore and concentrates in May 2026 totaled 16,831.03 mt, up 7.07% MoM and up 25.61% YoY. China imported 6,633.74 mt of tin ore and concentrates from Myanmar in May, up 16.84% MoM and up 384.46% YoY. China imported 3,857.61 mt of tin ore and concentrates from the DRC in May, up 33.95% MoM and up 0.60% YoY. On the export side, China's exports of tin ore and concentrates in May 2026 stood at 0.02 mt, up 118.18% MoM and up 700.00% YoY. China exported 0.02 mt of tin ore and concentrates to the UK in May, up 375.00% MoM and up 533.33% YoY. China exported 0.01 mt of tin ore and concentrates to the Netherlands in May, down 28.57% MoM. Below is a breakdown of import data compiled from the official website of China's General Administration of Customs: Origin May 2026 (mt) MoM YoY Myanmar 6,633.74 16.84% 384.46% DRC 3,857.61 33.95% 0.60% Nigeria 1,723.27 39.02% -33.35% Australia 1,703.61 34.82% -8.68% Bolivia 1,033.78 -57.41% -52.77% Rwanda 246.09 -6.63% 20.56% Russia 231.45 -56.14% - Venezuela 213.12 48.46% 49.04% Indonesia 203.64 354.28% 0.91% Malaysia 199.07 -56.82% -35.27% Brazil 186.73 55.10% 73.42% Thailand 161.80 117.65% 978.69% Vietnam 139.00 -11.39% 35.13% Laos 128.92 -20.60% -59.61% Colombia 111.29 89.29% 383.19% Namibia 26.06 - - Zambia 19.23 8.26% - Tanzania 9.70 -59.50% -60.25% North Korea 2.89 149.14% - Total 16,831.03 7.07% 25.61% Source: General Administration of Customs Below is a breakdown of export data compiled from the official website of China's General Administration of Customs: Destination May 2026 (mt) MoM YoY UK 0.02 375.00% 533.33% Total 0.02 118.18% 700.00% Source: General Administration of Customs (Comprehensive report by Wen Hua)

Data released by the customs online query platform show that China's refined tin exports in May 2026 were 2,203.24 mt, up 4.47% MoM and up 24.50% YoY. In May, China exported 350.49 mt of refined tin to India, up 75.67% MoM and up 180.68% YoY. On the import side, China's refined tin imports in May 2026 were 1,838.23 mt, down 34.40% MoM and down 11.47% YoY. In May, China imported 594.13 mt of refined tin from Indonesia, down 74.26% MoM and down 59.82% YoY. In May, China imported 442.98 mt of refined tin from Thailand. The following table is a breakdown of imports based on data from the General Administration of Customs of China: Origin May 2026 (mt) MoM YoY Indonesia 594.13 -74.26% -59.82% Thailand 442.98 - - Bolivia 351.16 - 101.18% Malaysia 200.00 59.59% - Peru 100.07 -49.98% -74.99% Russia 79.92 -49.91% - China 60.93 4923.41% 2930.03% Taiwan, China 4.67 164.67% -12.72% Singapore 3.00 0% 50.00% Japan 1.03 -6.52% -67.32% US 0.21 -69.53% -42.74% South Korea 0.12 -35.14% 100.00% Total 1,838.23 -34.40% -11.47% Source: General Administration of Customs Note: Total imports/exports include data from some origins not listed above. (Wenhua)