On August 13, 2026, the Ministry of Heavy Industries of India officially launched the technical bid evaluation for the "Sintered Rare Earth Permanent Magnet Manufacturing Promotion Plan" (REPM), with 20 bids vying for up to five licenses. On the surface, it appears to be a fierce "20-for-5" competition, but when examining the industry's fundamentals, the real protagonist of this story is not the 72.8 billion rupees (about $765 million) in subsidies, but the "three clocks" running simultaneously in India—the policy clock is already pointing to mass production in 2028, the commercialization clock of state-owned enterprise IREL points to 2029–2030, and the certification clock of downstream clients is measured in "years." The desynchronization of these three clocks is the most intuitive footnote to the fact that it is still too early for India's rare earth industry chain to develop.

China's July Manganese Ore Imports Up 2.27% MoM, Driven by Surge from Ghana and Brazil.Overall, the 2.27% MoM increase in July is the combined result of declining arrivals from traditional mainstream origins and a concentrated catch-up in shipments from smaller suppliers.

n July 2026, China's total monthly sulphur imports were 385,403.834 mt in physical content, up 161.99% MoM and down 64.76% YoY, with major import sources being the UAE, Oman, Kuwait, Japan, and Taiwan, China. China's total monthly sulphur exports were 1,311.35 mt in physical content, down 96.35% MoM and up 47.87% YoY, with major export destinations being Indonesia, Myanmar, Vietnam, South Korea, and Cambodia. China's total monthly sulphuric acid imports were 1,066.527 mt in physical content, down 94.56% MoM and down 88.11% YoY, with major import sources being Taiwan, China, South Korea, Germany, the US, and Japan. China's total monthly sulphuric acid exports were 976.24 mt in physical content, up 8.82% MoM and down 99.75% YoY, with major export destinations being Hong Kong, China, Vietnam, Angola, Cambodia, and Singapore.

[SMM Tin Morning Briefing: Night Session Consecutive Gains Stabilized at 428,000, Downstream Mainly Rigid Demand Price Fixing at 424,000-426,000]

Data from the Customs Statistics Online Inquiry Platform showed that China's imports of copper ore and concentrates in July 2026 were 2,378,520.35 mt, up 1.87% MoM and down 6.95% YoY. In July, China's imports of copper ore and concentrates from Chile were 654,429.73 mt, up 26.63% MoM and down 13.42% YoY. In July, China's imports of copper ore and concentrates from Peru were 553,134.11 mt, down 13.32% MoM and down 6.78% YoY. On the export side, China's exports of copper ore and concentrates in July 2026 were 1.24 mt, down 5.42% MoM and down 99.70% YoY. China's exports of copper ore and concentrates to the UK in July were 0.52 mt, down 1.88% MoM and up 1696.55% YoY. China's exports of copper ore and concentrates to the Netherlands in July were 0.31 mt, down 6.13% MoM. The following is a breakdown of import data compiled from the official website of China's General Administration of Customs: Origin Jul 2026 (mt) MoM YoY Chile 654429.73 26.63% -13.42% Peru 553134.11 -13.32% -6.78% Mongolia 185888.58 -13.24% 3.72% Russia 185504.57 38.78% 124.22% Kazakhstan 135791.86 0.61% -0.82% Mexico 93416.60 -26.21% 10.18% Canada 80913.19 -6.10% 62.35% Brazil 78950.43 232.10% 84.06% Ecuador 60576.91 164.04% -16.24% Spain 59465.73 -26.24% -35.06% Serbia 45818.84 -58.38% -18.37% Botswana 39265.17 17.10% 327.80% Zambia 23066.28 215.14% 290.62% Philippines 21208.52 82.49% 36.14% Australia 19214.41 -65.01% -72.25% DRC 18570.04 17.44% -77.67% Eritrea 18333.32 65.52% -38.93% Albania 14231.94 71.04% 237.36% Armenia 14208.62 -44.67% 50.99% Saudi Arabia 10826.99 -0.42% -56.04% Vietnam 9827.56 41429.59% - Morocco 8999.06 -14.46% 100.88% Turkey 8630.06 -11.39% 61.51% Azerbaijan 7008.05 -17.02% 553.38% Oman 5105.04 430.45% -63.22% India 4048.47 202423350.00% 134948866.67% Myanmar 3902.58 8844.10% 6.31% Laos 3420.99 -79.56% -88.75% Mauritania 2818.87 -25.63% -51.40% Dominica 2245.00 -50.62% -2.58% Pakistan 2204.07 7.65% 4.47% Namibia 1946.37 -63.66% - Bolivia 1430.69 521.05% 365.08% Mozambique 1364.26 88.83% 1118.09% Madagascar 1013.00 281.20% 3517.86% Congo Republic 576.61 5.71% -17.29% South Africa 455.67 11391525.00% -83.79% Cambodia 261.99 - 26199300.00% Tanzania 130.70 -58.83% -62.03% Nigeria 122.51 -37.24% - Zimbabwe 70.30 - -78.95% Colombia 51.29 -83.61% 427341.67% Somalia 36.99 - - Niger 31.94 -71.56% 145081.82% Italy 2.00 - - Sierra Leone 0.28 - - Netherlands 0.06 -1.54% 25.49% Indonesia 0.05 - -100.00% Uzbekistan 0.01 - - Total 2378520.35 1.87% -6.95% Source: General Administration of Customs The following is a breakdown of export data compiled from the official website of China's General Administration of Customs: Destination Jul 2026 (mt) MoM YoY UK 0.52 -1.88% 1696.55% Netherlands 0.31 -6.13% - Mongolia 0.22 -8.75% -99.95% Belgium 0.11 12.00% 348.00% Australia 0.02 -67.21% - Morocco 0.02 433.33% - Kazakhstan 0.01 -45.83% - Namibia 0.01 200.00% - Total 1.24 -5.42% -99.70% Source: General Administration of Customs (Wenhua Composite)

Data from the Customs Statistics Data Online Query Platform showed that China's copper cathode imports in July 2026 totaled 279,557.87 mt, down 16.07% MoM and 16.44% YoY. In July, China imported 104,555.33 mt of copper cathode from the DRC, down 32.48% MoM and 26.78% YoY. China's copper cathode imports from Russia stood at 52,923.37 mt in July, up 48.09% MoM and 73.01% YoY. On the export side, China's copper cathode exports in July 2026 were 34,849.91 mt, down 28.14% MoM and 70.57% YoY. China exported 7,811.35 mt of copper cathode to the US in July, down 68.88% MoM and 70.26% YoY. China's copper cathode exports to Thailand totaled 7,714.63 mt in July, down 22.68% MoM but up 11.89% YoY. The following is a breakdown of import data compiled from the General Administration of Customs website: Origin Jul 2026 (mt) MoM YoY DRC 104,555.33 -32.48% -26.78% Russia 52,923.37 48.09% 73.01% Chile 15,741.16 -36.34% -18.13% Zambia 14,890.11 18.06% -26.31% Kazakhstan 14,799.10 33.24% 27.52% China 11,478.25 -32.79% -12.75% Australia 9,339.48 26.72% 45.94% Myanmar 8,618.21 69.33% 206.36% Japan 8,124.90 -36.70% -28.65% Pakistan 3,636.36 -48.16% -22.09% Poland 3,483.02 2.60% -0.59% Uzbekistan 3,397.84 -45.33% -35.71% India 3,379.95 11.10% 302.37% Serbia 2,833.55 71.07% -61.61% Peru 2,824.86 -60.60% -53.16% Indonesia 2,059.78 -35.81% -22.24% Oman 1,943.93 72.52% 1,026.98% South Africa 1,690.12 -20.05% -41.29% Turkey 1,409.64 12.67% 13.68% Mongolia 1,275.30 70.03% -23.38% UAE 1,226.48 220.07% -36.44% Taiwan, China 1,064.23 359.93% 321.90% Spain 1,011.91 - - Qatar 970.42 120.89% -20.57% Laos 850.34 -5.66% 62.40% Malaysia 827.56 1.65% -49.63% Germany 659.88 490.74% 2,732.25% Morocco 620.79 251.56% -90.61% South Korea 602.98 -90.68% -89.83% Tajikistan 505.45 26.00% 83.32% Thailand 440.10 7.87% -49.65% Saudi Arabia 377.18 498.90% 406.42% Bolivia 345.17 - 9.16% Egypt 323.51 -8.87% 1,304.25% Netherlands 248.30 -76.13% -98.39% Hong Kong, China 205.46 -48.08% 2,054,540.00% Guinea 182.52 -12.15% 20.11% Nigeria 161.53 - - Sierra Leone 102.04 30.55% - Gabon 96.58 114.10% 34.72% Mauritius 67.83 23.22% 47.81% Jordan 49.60 -74.68% -33.85% Tanzania 46.11 -91.25% - Cameroon 27.94 - 5.06% France 25.10 - - Kenya 25.00 - - Brazil 24.50 - -45.90% Georgia 24.00 -88.62% - Finland 15.04 - - Mauritania 14.60 - - Mexico 11.45 -41.61% -98.67% Total 279,557.87 -16.07% -16.44% Source: General Administration of Customs The following is a breakdown of export data compiled from the General Administration of Customs website: Destination Jul 2026 (mt) MoM YoY US 7,811.35 -68.88% -70.26% Thailand 7,714.63 -22.68% 11.89% Taiwan, China 6,922.55 46.98% -81.40% South Korea 4,369.52 - -83.13% Vietnam 3,870.72 0.47% -38.74% Indonesia 3,197.61 39.13% 967.34% Malaysia 598.22 -72.12% -64.84% Japan 300.39 -24.76% - Germany 50.09 - - Djibouti 12.51 -0.49% - Uzbekistan 2.00 - - Sri Lanka 0.18 - - Canada 0.11 - - India 0.01 1,400.00% - Nigeria 0.01 - - Total 34,849.91 -28.14% -70.57% Source: General Administration of Customs (Wenhua Comprehensive)

In July 2026, China's total monthly sulphur imports were 385,403.834 mt in physical content, up 161.99% MoM and down 64.76% YoY, with major import sources being the UAE, Oman, Kuwait, Japan, and Taiwan, China. China's total monthly sulphur exports were 1,311.35 mt in physical content, down 96.35% MoM and up 47.87% YoY, with major export destinations being Indonesia, Myanmar, Vietnam, South Korea, and Cambodia.

[SMM Tin Morning Update: Night Session Rebounds to Reclaim 424,000, July FOMC Minutes Set the Tone for September Path]

[SMM Tin Morning Brief: After PPI Positive News Materialized, Bulls Take Profits, 420,000 Strong Support Under Test]

[SMM Tin Morning Update: PPI Cooling Benefit Digested, 428,000 Becomes the New Battleground Pivot]