[Divergent Terminal Order Performance, Zinc Oxide Operating Rates Moved Sideways] This week, the decline in zinc oxide operating rates was mainly due to some small enterprises being in a state of production suspension due to poor orders, dragging down overall operating levels. Currently, although large zinc oxide factories maintained stable orders, industry profits were thin, with intense low-price competition across various products. By sector, tyre factories' orders were relatively stable, but feed-grade zinc oxide performed sluggishly...

Data released by the online query platform for customs statistics showed that China imported 2,310,344.42 mt of copper ore and concentrates in February 2026, down 11.93% MoM and up 5.96% YoY. Chile was the largest origin, with imports of copper ore and concentrates from Chile totaling 747,321.72 mt in the month, down 4.27% MoM and down 1.33% YoY. Peru was the second-largest origin, with imports of copper ore and concentrates from Peru totaling 489,372.44 mt in the month, down 28.31% MoM and down 20.67% YoY. Below is a breakdown of China’s imports of copper ore and concentrates in February 2026, compiled based on data from the official website of the General Administration of Customs of China: Source: General Administration of Customs Note: The total import/export volume (grand total) also includes partial origin data not listed in the table above (Wenhua Composite)

Data released by the online query platform of customs statistics showed that China’s imports of copper ore and its concentrates in January 2026 were 2,623,162.74 mt, down 3.00% MoM and up 4.02% YoY. Chile was the largest origin, with China importing 780,640.92 mt of copper ore and its concentrates from Chile that month, down 21.10% MoM and down 7.54% YoY. Peru was the second-largest origin, with China importing 682,585.86 mt of copper ore and its concentrates from Peru that month, up 26.59% MoM and up 2.90% YoY. Below is a breakdown of China’s imports of copper ore and its concentrates in January 2026, compiled based on data from the official website of the General Administration of Customs of China: Source: General Administration of Customs Note: The total import/export volume (total) also includes data for some origins not listed in the table above (Wenhua Composite)

February 2026 proved to be a pivotal month of challenge and adjustment for the global stainless steel market. Driven by the compounding pressures of the Carbon Border Adjustment Mechanism (CBAM), intensifying geopolitical trade friction, significantly tightened raw material quotas, and sudden supply chain disruptions, the market navigated a complex landscape.

On June 10, 2025, the Ministry of Ecology and Environment (MEE) of the People's Republic of China officially announced the "Announcement on Matters Related to Regulating the Import Management of Recycled Black Mass Raw Materials for Lithium-ion Batteries and Recycled Steel Raw Materials".

The 2025 lithium battery recycling policies emphasize a dual logic of "regulation + incentives". By raising technical thresholds, strengthening full-lifecycle management, and increasing fiscal support, the policies aim to transition the industry from fragmented competition to high-quality development. Subsidies and relaxed import/export conditions are expected to alleviate long-term economic imbalances in the recycling sector.

According to SMM analysis, the core logic of the lithium battery recycling policy in 2025 is "regulation + incentives". By raising technical barriers, strengthening full life cycle management, and increasing financial support, the industry will be driven to shift from extensive competition to high-quality development. Meanwhile, by providing subsidies and liberalizing import and export conditions, the long-term inverted pricing phenomenon in the current recycling industry can be mitigated to a certain extent.

Data from the Online Inquiry Platform for Customs Statistics showed that China's nickel iron imports in April 2025 were 816,932.367 mt, down 16.44% MoM and up 12.83% YoY. Indonesia was the largest supplier, with 794,758.568 mt of nickel iron imported from the country that month, down 16.64% MoM and up 12.95% YoY. Colombia was the second-largest supplier, with 7,408.632 mt of nickel iron imported from the country that month, up 19.77% MoM and up 47.34% YoY. Below is a breakdown of nickel iron imports in April 2025 compiled based on data from the General Administration of Customs of China (GACC) website: Note: The total import/export volume also includes data from origins not listed in the table above.

Data from the online inquiry platform for customs statistics showed that China's bauxite (aluminum ores and concentrates) imports reached 20,684,045.155 mt in April 2025, up 25.67% MoM and 45.44% YoY. Guinea was the largest supplier, with 16,732,488.511 mt of bauxite (aluminum ores and concentrates) imported from the country that month, up 28.77% MoM and 59.62% YoY. Australia ranked as the second-largest supplier, with 2,679,996.025 mt of bauxite (aluminum ores and concentrates) imported from the country that month, up 5.70% MoM but down 14.41% YoY. Below is a breakdown of bauxite imports in April 2025 compiled based on data from the General Administration of Customs of China's official website: Note: The total import/export volume also includes data from origins not listed in the table above.

Data from the Online Inquiry Platform for Customs Statistics revealed that China's imports of copper ore and concentrate reached 2,924,388.271 mt in April 2025, up 22.20% MoM and 25.62% YoY. Chile was the largest supplier, with 850,957.816 mt of copper ore and concentrate imported from the country that month, up 5.55% MoM and 18.69% YoY. Peru ranked as the second-largest supplier, with 786,809.936 mt of copper ore and concentrate imported from Peru that month, increasing by 40.39% MoM and 39.26% YoY. Below is a breakdown of China's copper ore and concentrate imports in April 2025, compiled from data on the official website of the General Administration of Customs of China (GACC): Note: The total import/export volume (in total) also includes data for some origins not listed in the table above.