Data from the online query platform of customs statistics showed that China's copper cathode imports in March 2026 totaled 279,368.28 mt, up 37.22% MoM and down 21.12% YoY. China imported 99,134 mt of copper cathode from the DRC in March, up 40.29% MoM and down 11.90% YoY. China imported 50,000.35 mt of copper cathode from Russia in March, up 161.09% MoM and down 31.48% YoY. Export side, China's copper cathode exports in March 2026 totaled 58,213.02 mt, down 25.59% MoM and down 14.40% YoY. China exported 20,773.82 mt of copper cathode to Taiwan, China in March, down 27.00% MoM and down 1.54% YoY. China exported 14,825.88 mt of copper cathode to Vietnam in March, up 324.68% MoM and up 109.54% YoY. Below is a breakdown of import data compiled from the General Administration of Customs website: Origin Mar 2026 (mt) MoM YoY DRC 99,134 40.29% -11.90% Russia 50,000.35 161.09% -31.48% Chile 22,176.40 -12.79% -50.96% Japan 16,813.32 149.84% 1.38% Kazakhstan 14,609.34 70.94% -27.94% Zambia 11,917.14 -48.13% -8.35% Australia 10,361.24 3,338.25% 179.50% Pakistan 8,398.21 14.35% 64.90% Myanmar 5,120.18 8.98% 278.21% Indonesia 5,019.44 340.72% 284.62% Peru 4,153.01 -22.79% -59.93% Uzbekistan 4,085.00 30.57% 44.14% Serbia 4,013.21 223.16% 71.66% Netherlands 3,492.23 - - South Africa 3,158.74 75.66% 93.03% UAE 2,332.17 -32.74% -82.42% Qatar 1,490.99 81.41% 2.66% Laos 1,240.29 149.66% 120.76% India 1,135.97 -17.24% 23.41% Spain 1,112.20 - 95.25% Poland 1,040.86 -65.70% -67.21% Belgium 991.46 - -63.55% South Korea 955.28 380.10% -74.44% Egypt 741.65 288.74% 486.40% Turkey 679.23 37.84% -65.17% Thailand 672.95 35.89% -22.71% Malaysia 613.67 -31.49% -74.16% Congo Republic 526.09 - 26.03% China 494.64 -93.81% -87.52% Morocco 393.22 -85.83% -34.82% Oman 344.97 0.02% 584.33% Georgia 328.85 192.31% 47.21% Mexico 306.63 -38.01% -85.20% Mongolia 266.98 -63.16% -86.27% Tajikistan 214.46 -36.44% 8.38% Taiwan, China 184.36 794.98% -51.82% Guinea 127.41 -29.09% -28.30% Sierra Leone 103.81 39.79% - Gabon 98.77 36.40% 113.83% Bolivia 84.3 1,045.38% -78.08% Canada 82.92 245.42% 63.55% Jordan 75.4 - -24.74% Mauritius 70.29 188.67% - Angola 50.48 -66.97% - Mozambique 48.2 - - Kenya 25 - - Brazil 23.48 - - Hong Kong, China 20.98 - 419,500.00% Germany 20.09 -40.76% 143.80% Finland 18.41 -38.81% - US 0.02 118.18% - Italy 0.02 - 15.00% Total 279,368.28 37.22% -21.12% Source: General Administration of Customs Below is a breakdown of export data compiled from the General Administration of Customs website: Destination Mar 2026 (mt) MoM YoY Taiwan, China 20,773.82 -27.00% -1.54% Vietnam 14,825.88 324.68% 109.54% Thailand 9,501.22 86.48% 99.85% South Korea 4,974.88 -79.95% -57.72% Malaysia 4,372.73 157.42% 631.26% Indonesia 1,403.09 -24.76% 99.96% India 1,202.46 -77.01% 9,249,569.23% Pakistan 548.46 171.61% 265.62% Bangladesh 504.81 25,140.40% - UAE 100.48 - - Tanzania 4.57 - - Hong Kong, China 0.61 - - UK 0.01 1,000.00% - Belgium 0.01 66.67% - Total 58,213.02 -25.59% -14.40% Source: General Administration of Customs (Wenhua Comprehensive)

SMM, April 20: According to data from the General Administration of Customs, domestic primary aluminum imports in March 2026 were approximately 255,000 mt, up 26.5% MoM and up 14.8% YoY. From January to March 2026, domestic cumulative primary aluminum imports totaled approximately 646,000 mt, up 10.6% YoY. Domestic primary aluminum exports in March were approximately 15,000 mt, up 45.9% MoM and up 65.4% YoY. Cumulative primary aluminum exports from January to March totaled approximately 38,000 mt, up around 82.3% YoY. Domestic net primary aluminum imports in March were 240,000 mt, up 25.4% MoM and up 12.7% YoY. Cumulative net primary aluminum imports from January to March were approximately 608,000 mt, up 7.9% YoY. (The above import and export data are based on HS codes 76011090 and 76011010.) Primary aluminum imports by country: In March, 82.3% of total imports came from the Russian Federation, 5.8% from India, 4.7% from Indonesia, and 4.5% from Australia. Primary aluminum imports by trade mode: From January to March, the share of primary aluminum imports under Ordinary Trade was 4.0%, 1.3%, and 1.7% respectively, down 23.6, 27.2, and 21.3 percentage points YoY respectively. LME aluminum outperformed SHFE aluminum in price trends, and the SHFE/LME price ratio declined. Imports under Ordinary Trade decreased, and it cannot be ruled out that a large volume of bonded zone cargoes will be re-exported to other countries outside China going forward. According to SMM, long-term contract imports and some previously signed import orders in March were executed as scheduled. Combined with the arrival of in-transit cargoes, primary aluminum imports stayed high. However, from the current fundamentals perspective, there was a significant primary aluminum deficit outside China, the inflection point for domestic aluminum inventory had not yet arrived, and the loss on primary aluminum imports expanded to a maximum of 852.47 yuan/mt in April. Some imported primary aluminum cargoes are expected to be redirected or re-exported to Japan, South Korea, Thailand, India, and even Europe, the US, and other countries and regions. Overall, domestic net primary aluminum imports in 2026 are expected to decline YoY.

Data from the online query platform of customs statistics showed that China's imports of copper ore and concentrates in March 2026 totaled 2,629,996.23 mt, up 13.84% MoM and up 9.99% YoY. China imported 820,975.96 mt of copper ore and concentrates from Chile in March, up 9.86% MoM and up 1.61% YoY. China imported 655,587.09 mt of copper ore and concentrates from Peru in March, up 33.96% MoM and up 17.12% YoY. Export side, China's exports of copper ore and concentrates in March 2026 totaled 441.66 mt, up 57,483.31% MoM and up 4,788.37% YoY. China exported 440.29 mt of copper ore and concentrates to Mongolia in March, up 204,684.65% MoM and up 44,028,600.00% YoY. China exported 0.63 mt of copper ore and concentrates to the UK in March, up 108.67% MoM and up 5,116.67% YoY. Below is a breakdown of import data compiled from the website of China's General Administration of Customs: Origin Mar 2026 (mt) MoM YoY Chile 820,975.96 9.86% 1.61% Peru 655,587.09 33.96% 17.12% Mongolia 216,179.71 8.99% 30.00% Russia 130,003.95 84.67% 120.85% Kazakhstan 113,192.78 1.84% -3.49% Mexico 110,475.43 -6.45% -0.58% Serbia 88,460.26 38.98% 68.17% DRC 67,621.60 66.76% 70.74% Ecuador 60,735.30 83.44% -13.98% Australia 53,948.73 25.39% 51.52% Canada 49,086.07 -25.93% 168.17% Brazil 47,986.63 -16.70% 99.48% Armenia 26,008.34 1.92% 51.56% Botswana 23,428.58 -25.88% -35.58% Oman 21,629.46 1,290.47% 587.34% Spain 21,091.23 -59.50% -79.07% Laos 20,138.62 74.01% -3.91% Saudi Arabia 14,005.64 -61.74% -74.34% Philippines 13,780.69 33.35% 916.20% Zambia 10,402.22 -2.43% 523.63% South Africa 10,120.44 8,000.50% 205.01% Eritrea 9,909.68 5.40% -68.35% Turkey 7,500.47 -16.77% -29.31% Morocco 6,694.51 317.57% 189.56% Pakistan 5,754.75 12.62% 1,086.79% UAE 4,527.43 285.35% - Iran 3,531.54 92.06% 2,207,112.50% Namibia 3,359.64 247.39% -8.90% Albania 2,334.52 0.50% 99.12% Dominican Republic 2,297.50 -19.65% -57.56% India 2,149.50 -56.08% 42,989,900.00% Mauritania 1,895.04 0% -71.28% Nicaragua 937.32 700.81% -4.92% Myanmar 893.12 182.94% -53.26% Zimbabwe 729.18 832.99% 458.03% Cambodia 556.34 94.91% - Congo Republic 491.01 117.10% -10.06% Bolivia 431.23 -82.07% 0.62% Colombia 363.69 -94.35% 169.39% Madagascar 308.2 -53.36% 83.45% Tanzania 131.99 -40.54% 73.23% Nigeria 131.36 366.97% 1,313,500.00% Malaysia 79.49 -99.75% 1,135,428.57% Thailand 75.38 - - Vietnam 54.54 -73.90% -83.73% Netherlands 0.07 195.65% 65.85% Romania 0.01 - -100.00% Total 2,629,996.23 13.84% 9.99% Data source: General Administration of Customs Below is a breakdown of export data compiled from the website of China's General Administration of Customs: Destination Mar 2026 (mt) MoM YoY Mongolia 440.29 204,684.65% 44,028,600.00% UK 0.63 108.67% 5,116.67% Netherlands 0.45 156.00% 44,700.00% Belgium 0.21 994.74% 890.48% Australia 0.04 18.75% - Oman 0.01 - - Chile 0.01 0% - India 0.01 100.00% - Total 441.66 57,483.31% 4,788.37% Data source: General Administration of Customs

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.

Gold prices extended their gains further on Friday, primarily driven by a weaker US dollar and a statement from Iran's foreign minister that the Strait of Hormuz would remain open during the ceasefire. This news pushed oil prices lower and eased some market concerns about inflation. During Friday's US trading session, spot gold rose nearly 2%, briefly approaching $4,900. Iranian Foreign Minister Araghchi posted that vessels passing through the strait would follow coordinated routes already published by Iran's Ports and Maritime Organization. US President Trump said he believed a deal to end the Iran war would be reached "soon," although the specific timetable remained unknown. Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals, said: "The reopening of the strait is a pivotal event. With oil prices under pressure, this is expected to ease inflation concerns and reignite expectations for interest rate cuts — all of which is genuinely positive news for gold." He added that gold prices could return above $5,000 per ounce in the near term . Following the comments about the opening of the Strait of Hormuz, the US dollar and oil prices extended their declines. A weaker dollar made gold more attractive to buyers holding other currencies. The move also boosted market expectations for a US Fed interest rate cut before the end of the year. Traders currently see roughly a 60% probability that the US Fed will cut its benchmark interest rate before December. Gold prices had briefly declined after the US and Israel launched strikes on Iran in late February, as surging energy prices intensified inflation concerns, prompting markets to scale back expectations for interest rate cuts. Since gold itself generates no interest, it typically loses some of its appeal when borrowing costs stay high. Meanwhile, according to trade sources, Indian banks have suspended placing gold and silver orders with ex-China suppliers as the government has yet to issue official documents authorizing imports, leaving several metric tons of precious metals stranded at customs.

[SMM Steel] Steel exporters in Asia and Turkey are increasingly shifting from CFR to FOB offers as the Iran-related conflict drives up freight costs and disrupts shipping. The Strait of Hormuz remains effectively closed, while freight from India to Europe has risen to ~$80/t (vs. $50–60/t previously). Indian mills have suspended or converted shipments to FOB, with some March cargoes delayed. Meanwhile, limited imports have pushed up flat steel prices in the GCC, with supply disruptions affecting availability.

【SMM Steel】India's Shyam Steel Ltd signed an MoU with Maharashtra to build an integrated steel mill in the western state. SSL will invest ~$1.07bn to expand its footprint across western regional steel markets. Currently, its manufacturing facilities are located in West Bengal and Jharkhand in eastern India.

【SMM Steel】US steel exports totaled ~563,000t in Feb, down 0.3% m-o-m and 8.3% y-o-y. Export value was ~$1.05bn. Exports to Mexico rose 9.9% m-o-m and 16.6% y-o-y to 358,000t. Exports to Canada fell 17.9% m-o-m and 34.8% y-o-y to 171,000t. Other destinations: Brazil (3,600t), India (1,900t), China (1,500t). Top exports: HDG (105,000t), CTL plate (61,000t), CR sheet (58,000t), HR sheet (48,000t), plate in coil (45,000t).

According to Reuters, trade sources said that Indian banks had suspended orders for importing gold and silver from suppliers outside China, with large quantities of precious metals stuck at customs , as the government had yet to issue a formal order authorizing the import of these precious metals. As India is the world's second-largest gold consumer and the largest silver buyer, with nearly all of its demand relying on ex-China purchases, the country could face a supply deficit without new imports. Weak Indian demand could weigh on global gold and silver prices , while narrowing the country's trade deficit and supporting the rupee. The rupee has been one of Asia's worst-performing currencies so far this year. Authorities had taken several measures to ease pressure on the rupee, including recently urging refiners to limit their spot dollar purchases. The suspension of gold and silver import orders by Indian banks from overseas suppliers, as well as the backlog of large quantities of precious metals at customs due to the lack of a formal government authorization order, had not been previously reported. The Directorate General of Foreign Trade (DGFT), under India's Ministry of Commerce and Industry, typically issues an order at the beginning of each fiscal year listing the banks authorized by the Reserve Bank of India to import gold and silver. The order previously issued in April 2025 was valid until the end of the last fiscal year (March 31), and banks were currently awaiting a new directive from the DGFT. The DGFT did not immediately respond to Reuters' request for comment. A bullion dealer at a private bank in Mumbai said that banks had expected the DGFT to issue the order in early April as in previous years, but no new announcement had been made so far, resulting in more than 5 mt of gold stuck and unable to clear customs . The dealer said the uncertainty over the timing of the DGFT order had led banks to suspend new import orders from overseas suppliers. The dealer requested anonymity as they were not authorized to speak to the media. Sources said that approximately 8 mt of imported silver was also stuck and unable to clear customs . Another bullion dealer said there was no point in placing new orders when previous shipments could not clear customs. According to data from the World Gold Council, India's gold demand fell to 710.9 mt in 2025, the lowest level in five years. Sources said that gold and silver inventory imported in previous months was being depleted, and the market was now relying on sales from exchange-traded funds, which were facing redemptions. Mehta Surendra, Secretary of the India Bullion and Jewellers Association, said: "Clear rules are needed to ensure imports resume." Mehta stated that without imports, a supply deficit would emerge, and premiums would rise after Akshaya Tritiya, India's second-largest gold-buying festival. A bullion dealer in Kolkata said that as the Iran conflict drove up prices of oil, natural gas, and fertilizers, India's import bill in April could rise, which might prompt the government to slow down gold and silver imports to control the trade deficit.

On April 16, 2026, the stainless steel market saw major shifts. The EU's move to cut quotas by 47% and double tariffs to 50% in July triggered panic buying in Europe. India extended BIS certification until late September to ensure supply flexibility. Supported by Indonesia’s HPM formula adjustments, export prices remain firm, with slight gains in Foshan 304 spot prices. Rising logistics costs due to Middle East tensions and new trade barriers are collectively pushing up global trade expenses.