In January and February, exports of copper cathode rod (HS codes 74081100 and 74081900) continued to strengthen, showing growth both MoM and YoY. The detailed data were as follows: According to customs data, in terms of total exports of copper wire rod, total exports of copper cathode rod (HS codes 74081100 and 74081900) in January increased 51.19% MoM and rose 83.78% YoY. In February, total exports of copper cathode rod increased 19.73% MoM and rose 160.07% YoY. In January 2026, exports of copper wire rod (HS codes 74081100 and 74081900) rose MoM, mainly due to weak domestic demand for copper rod in China, coupled with a concentrated release of power infrastructure demand in Southeast Asia, which together drove a sharp increase in copper wire rod exports. By specific export trade mode, processing trade with imported materials accounted for 66.3% of total copper wire rod exports in January 2026, processing trade with supplied materials accounted for 22.37%, Entrepot Trade by Customs Special Control Area accounted for 7.5%, and Ordinary Trade accounted for 2.81%. In February 2026, exports of copper wire rod (HS codes 74081100 and 74081900) continued to grow MoM, mainly driven by concentrated demand release from power grid upgrades and the new energy sector in Southeast Asia. Coupled with weak downstream demand in China during the Chinese New Year holiday, enterprises stepped up export efforts. By specific export trade mode, in January 2026, exports under processing trade with imported materials accounted for 50.95% of total exports, processing trade with supplied materials 38.73%, Entrepot Trade by Customs Special Control Area 8.46%, and Ordinary Trade 1.82%. By country, from January to February, copper wire rod was mainly exported to Thailand, Saudi Arabia, Vietnam, India, the Philippines, and Malaysia, with combined exports accounting for more than 70% of the national total. In summary, copper wire rod exports continued to grow from January to February, mainly benefiting from robust demand in the power grid and new energy sectors in Southeast Asia, coupled with weak downstream operating rates in China, prompting enterprises to actively expand into markets outside China to broaden demand. Although copper prices pulled back significantly in March, demand in the Middle East weakened due to geopolitical conflicts. In addition, as the main export destinations for China’s copper wire rod are concentrated in this region, and ocean freight rates have risen, copper wire rod exports were expected to be in the doldrums in March.

SMM Analysis: According to data from the General Administration of Customs, China imported 64,900 mt of copper anode (HS code: 74020000) in January 2026, up 5.74% MoM and up 1.48% YoY...

According to customs data, the total import volume of lithium spodumene in China from January to February 2026 was approximately 1.39 million physical tonnes: January imports reached 832,000 physical tonnes, up nearly 6% month-on-month and 41% year-on-year, equivalent to about 84,000 tonnes of lithium carbonate equivalent (LCE); February imports stood at 558,000 physical tonnes, down 33% month-on-month and approximately 2% year-on-year, equivalent to about 50,000 tonnes of LCE. Overall, the arrival volume in January reached an exceptionally high level, mainly due to the tight supply of lithium salts in the fourth quarter of 2025, which drove strong production enthusiasm among domestic lithium spodumene smelters and consequently led to a high demand for lithium ore. In February, arrivals declined due to the Chinese New Year holiday and potential vessel delays. By country of origin, Australia saw a 17% month-on-month recovery in January arrivals, significantly rebounding, supported by improved shipments from November to December 2025. However, after entering January, at the beginning of the quarter, Australian miners adopted a wait-and-see attitude toward lithium prices for the new year, leading to lower shipments. Combined with the Chinese New Year factor in February, arrivals in February decreased by 23% month-on-month. Zimbabwe entered the rainy season after October last year, resulting in a slight decline in concentrate output. Coupled with adjustments to export tax rates and the accounting period at the beginning of the year, arrivals fell by 35% and 18% month-on-month in January and February, respectively. Nigeria has seen a continuous rise in arrivals since June 2025, maintaining high levels. South Africa performed notably well, with arrivals remaining above 100,000 physical tonnes for three consecutive months from December 2025 to February 2026. In contrast, Brazil saw persistently low arrivals in January and February this year, as certain mines had not yet resumed production from October to December last year. Additionally, according to screening and analysis using the SMM model, lithium spodumene imports in January corresponded to approximately 84,000 tonnes of LCE, with lithium concentrate amounting to 636,000 physical tonnes, accounting for 76%. In February, lithium spodumene imports corresponded to 50,000 tonnes of LCE, with lithium concentrate amounting to 438,000 physical tonnes, accounting for 79%.

According to customs data, lead concentrate imports in February 2026 were 124,580 mt in physical content, up 3.8% MoM and up 26.4% YoY; cumulative imports in January-February reached 252,241 mt in physical content, up 14% YoY on a cumulative basis. Over the same period, silver concentrate imports were about 148,600 mt in physical content, down 17% MoM and down 8% YoY; cumulative imports in January-February were 328,600 mt in physical content, down 1.27% YoY on a cumulative basis.

According to the latest customs data, China imported 594,800 mt of zinc concentrates (mt in physical content) in January 2026, setting a new monthly record high. Zinc concentrate imports were 413,900 mt (mt in physical content) in February, bringing cumulative imports in January-February to 1.0088 million mt (mt in physical content), up 17.5% YoY. .

[Imports of Recycled Copper Raw Materials by Country of Origin] From the perspective of source country structure, the trend of diversification in China's imports of recycled copper raw materials has further strengthened. Japan remained the largest supplier, exporting 33,200 mt to China in October. Although this represented a slight decrease of 0.86% MoM, it marked a significant increase of 45.91% YoY, accounting for 16.89% of total imports. Thailand, as the second-largest source country, recorded imports of 31,000 mt in physical content in October, representing a share of 15.79%. This was an increase of 3% MoM and a sharp rise of 92.18% YoY, indicating a notable growth trend.

SMM, June 9, 2025: According to statistics from the General Administration of Customs of China, China imported 98.131 million mt of iron ore fines and its concentrates in May, a decrease of 5.007 million mt MoM, down 4.9% MoM , and a decrease of 3.8% YoY . The cumulative imports of iron ore fines and its concentrates from January to May reached 486.409 million mt, down 5.2% YoY . From the perspective of SMM's port arrival data, the import volumes by country in May exhibited structural differentiation characteristics: arrivals from Australia continued to increase; however, there were significant reductions from sources such as Brazil, India, South Africa, and Ukraine. Demand side, domestic steel mills' pig iron production peaked and then pulled back, coupled with the advancement of crude steel output reduction policies, prompting some steel mills to initiate annual maintenance ahead of schedule, leading to an overall weakening of import demand. Supply side, affected by the diversion of demand to Europe and India, the proportion of Brazilian ore flowing to Europe increased, and the growth in India's domestic consumption constrained its export scale. Meanwhile, the decline in ore prices suppressed the shipping enthusiasm of non-mainstream mines such as those in South Africa, while the continuous accumulation of Ukrainian concentrate inventory at domestic ports led traders to prioritize the digestion of spot cargo, further reducing immediate purchases. Under the combined influence of multiple factors, the total iron ore imports in May showed a downward trend. Looking ahead to June, iron ore imports are expected to increase . Despite market expectations that domestic demand will continue to decline, the decline is anticipated to be limited. Due to the continuous decline in iron ore prices, the cost-effectiveness of imported iron ore is currently higher, and steel mills have increased their usage ratio, becoming the core driving force supporting the overall high demand for imported iron ore. The supply side presents a complex situation. On the one hand, the collapse of port equipment in Peru in May will lead to a significant decline in its shipping volume. On the other hand, as the closing month of Q2, most mines will actively increase their shipping volumes to meet their mid-year production targets, a factor that will strongly drive an increase in iron ore port arrivals. Chart-: China's Iron Ore Imports Source: General Administration of Customs of China 》View SMM steel product quotes, data, and market analysis 》Subscribe to view SMM metal spot historical prices

SMM Analysis: According to data from the General Administration of Customs, China's copper foil imports in April 2025 were approximately 8,117.83 mt, up 9.68% YoY and down 3.90% MoM. From January to April 2025, China's cumulative copper foil imports were approximately 30,383.57 mt, up 3.45% YoY...

[SMM Analysis: China's Copper Foil Customs Details in April 2025 - Imports and Exports Declined WoW] According to data from the General Administration of Customs, China's copper foil imports reached approximately 8,117.83 mt in April 2025, up 9.68% YoY, down 3.90% WoW. From January to April 2025, China's cumulative copper foil imports amounted to approximately 30,383.57 mt, up 3.45% YoY...

SMM News on May 23: This week, cobalt product quotations have collectively declined. The refined cobalt market is still digesting social inventory. As cobalt prices fall, production cuts at smelters may continue. Meanwhile, spot quotations for Co3O4 have also seen a significant drop, with a noticeable decrease in the phenomenon of holding back from selling... SMM has compiled the changes in spot quotations for the cobalt market this week, as detailed below: Refined Cobalt: According to SMM spot quotations, refined cobalt spot quotations have shown a continuous downward trend this week. As of May 23, refined cobalt spot quotations have fallen to 223,700-248,000 yuan/mt, with an average price of 235,850 yuan/mt, a decrease of 6,200 yuan/mt from May 16, representing a 2.56% decline. 》Check SMM Cobalt and Lithium Spot Quotations According to SMM, in the refined cobalt market, from the supply side, the market is still digesting social inventory at its current pace. The economic viability of refined cobalt production continues to decline, and production cuts at smelters are likely to persist. In terms of quotations, traders' quotations continue to fall in line with the futures market. Recently, some traders have exited the market and sold their inventory due to funding costs. From the demand side, amid falling prices, the purchase situation of downstream producers has slightly improved, with inquiries and buying interest picking up. It is expected that next week, refined cobalt spot prices may continue to fluctuate. Cobalt Salts (Cobalt Sulphate and Cobalt Chloride): Cobalt Sulphate: According to SMM spot quotations, cobalt sulphate spot quotations have also shown a downward trend this week. As of May 23, cobalt sulphate spot quotations have temporarily stabilized at 48,000-50,000 yuan/mt, with an average price of 49,000 yuan/mt, a decrease of 200 yuan/mt from May 16, representing a 0.41% decline. 》Check SMM Cobalt and Lithium Spot Quotations According to SMM, from the cobalt sulphate supply side, spot quotations from both smelters and recyclers have declined. Actual transactions are mainly small, sporadic orders, and the transaction price of cobalt sulphate has further dropped. From the demand side, the overall purchase sentiment of downstream producers is poor. With some ternary precursor plants experiencing a slight reduction in orders, the overall stockpiling demand is not strong. Additionally, as Co3O4 producers have built up inventory in the early stage, Co3O4 sales have slowed down slightly in the short term, and producers' purchase willingness has further declined. Currently, market transactions are mainly small, sporadic orders, and no bulk purchases have been observed. It is expected that next week, cobalt sulphate spot prices may continue to fluctuate in the doldrums. Cobalt Chloride: According to SMM spot quotations, cobalt chloride spot quotations have continued to fall this week. As of May 23, cobalt chloride spot quotations have dropped to 59,500-60,900 yuan/mt, with an average price of 60,200 yuan/mt, a decrease of 150 yuan/mt from May 16, representing a 0.25% decline. From the perspective of supply and demand, on the supply side, due to the ongoing shortage of raw materials, some smelters have a strong willingness to support prices and exhibit a certain degree of reluctance to sell. However, there are also smelters that are not optimistic about future price trends and choose to sell at low prices. On the demand side, downstream enterprises have a certain level of inventory and only maintain just-in-time procurement, with few inquiries in the market. It is expected that next week, if demand remains weak, the spot price of cobalt chloride may continue to decline further. Regarding Co3O4: According to SMM spot quotes, the spot quotes for Co3O4 also failed to escape the downward trend this week. After a continuous decline last week, it only temporarily stabilized on the first trading day before continuing to fall. As of May 23, the spot quotes for Co3O4 had dropped to 202,000-210,000 yuan/mt, with an average price of 206,000 yuan/mt, a decrease of 2,250 yuan/mt from May 16, representing a decline of 1.08%. According to SMM, from the supply side, although smelters' quotes are relatively stable, their willingness to sell has increased, and the phenomenon of holding back from selling has significantly decreased. On the demand side, downstream LCO producers have differing opinions on the market outlook, with a strong wait-and-see sentiment, and only make necessary procurements to meet daily production needs. Affected by the decline in LCO prices, it is common for producers to bargain down purchasing prices of raw materials, and there is little willingness to stockpile. Against the backdrop of the overall weak market, there have been individual transactions at low prices. It is expected that the peak procurement period for Co3O4 has not yet arrived next week, and the spot price may continue to fall. On the news front, this week, the import and export data for cobalt-related products were released. According to customs data, China's imports of cobalt hydrometallurgy intermediate products in April 2025 were approximately 18,600 mt (metal content), up 5% MoM. In terms of the average import price, in March 2025, the average import price of cobalt hydrometallurgy intermediate products in China was $15,820/mt (metal content). By country, the DRC remained the main importing country in March, with imports of approximately 18,500 mt (metal content) (calculated based on a 35% grade), an average import price of $15,857/mt (metal content), and an import share of approximately 99%. 》Click to view details For unwrought cobalt, according to customs data, China's imports of unwrought cobalt in April 2025 were approximately 839 mt (metal content), up 60% MoM and 230% YoY. In terms of the average import price, the average import price of unwrought cobalt in China in April 2025 was $26,831/mt (metal content), up 36% MoM. From January to April 2025, cumulative imports reached 2,337 mt (metal content), up 175% YoY. On the export side, China's exports of unwrought cobalt in April 2025 were approximately 4,086 mt (metal content), up 201% MoM and 556% YoY. In terms of average export prices, the average export price of unwrought cobalt from China in March 2025 was $31,119/mt (metal content), up 28% MoM. From January to April 2025, the cumulative exports reached 7,397 mt in metal content, up 185% YoY. 》Click for details It is worth mentioning that recently, Tengyuan Cobalt released a record of investor activities. When asked about the company's capacity, Tengyuan Cobalt stated that as of the end of Q1, the company had a total capacity of 26,500 mt in metal content for cobalt products, 10,000 mt in metal content for nickel products, 10,000 mt in metal content for manganese products, 5,000 mt for lithium carbonate, and 60,000 mt for copper products. In addition, when asked about how long the company's current inventory of cobalt raw materials could sustain production given that the cobalt ban in the DRC had not yet been lifted, Tengyuan Cobalt responded that the company maintained a certain level of safety inventory. At the same time, considering actual market conditions, it obtained production raw materials by timing, quantity, and price through secondary resource recycling and purchases from traders. The company would also closely monitor the progress of the event and make corresponding preparations.