According to the latest data released by the General Administration of Customs, SMM statistics showed that China's total manganese ore imports in March 2026 were 3.1837 million mt, up 38.03% MoM and up 64.86% YoY. Total manganese ore imports from January to March 2026 were approximately 8.9327 million mt, up 3.0717 million mt YoY (approximately 5.8611 million mt imported from January to March 2025), up 52.41% YoY. In March, imports by origin were: Australia (395,700 mt, down 4.2% MoM), South Africa (1.8537 million mt, up 87.16% MoM), Gabon (452,300 mt, up 20.58% MoM), Ghana (196,700 mt, down 27.26% MoM), Brazil (94,800 mt, down 4.91% MoM), and Myanmar (53,900 mt, up 7.99% MoM).

Data from the online query platform of customs statistics showed that China's imports of tin ore and concentrates in March 2026 totaled 18,502.18 mt, up 7.92% MoM and 122.45% YoY. China imported 7,294.49 mt of tin ore and concentrates from Myanmar in March, up 9.25% MoM and 223.93% YoY. China imported 3,623.4 mt of tin ore and concentrates from Bolivia in March, up 65.07% MoM and 348.81% YoY. Below is a breakdown of import data compiled from the website of China's General Administration of Customs: Origin March 2026 (mt) MoM YoY Myanmar 7,294.49 9.25% 223.93% Bolivia 3,623.4 65.07% 348.81% DRC 2,645.93 -13.22% 9.07% Australia 1,569.89 18.68% 43.86% Nigeria 1,302.67 19.24% 18.03% Laos 396.28 165.29% 734.28% Venezuela 376.41 -4.88% 126.83% Rwanda 295.64 -11.49% - Malaysia 243 -45.35% 10.59% Kyrgyzstan 177.49 -23.14% - Brazil 174.57 -3.89% 693.57% Indonesia 94 3.05% 34.68% Russia 66.84 -88.49% - Vietnam 65.53 -73.33% -29.21% Colombia 46.78 -29.95% - Zambia 33.07 - 87.98% Thailand 26.5 310.92% - Namibia 26.01 -50.09% - South Africa 22.48 - - Uganda 11.93 - - Tanzania 8.15 -66.25% - Zimbabwe 1.12 - - Total 18,502.18 7.92% 122.45% Data source: General Administration of Customs (Wenhua Comprehensive)

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)

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

[SMM Shanghai Spot Copper] Looking ahead to next week, on the supply side, some delivery warrants have already begun to flow out during the day, exerting downward pressure on spot premiums. Market concerns over the concentrated release of warrants going forward persist, and suppliers have a strong willingness to sell, putting spot premiums for Shanghai copper under pressure. On the demand side, copper prices saw a slight correction, and downstream procurement was mainly driven by rigid demand, with insufficient willingness to chase higher prices. In addition, the intraday price spread between Shanghai and Guangdong spot premiums continued to rise to around 150 yuan/mt. The strong premiums in Guangdong may provide some support to Shanghai market sentiment, but it is difficult to reverse the overall weak supply-demand pattern in the short term. Overall, spot copper prices against the SHFE copper 2605 contract are expected to remain at current levels next Monday.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, from the perspective of supplier behavior, wait-and-see sentiment was strong in the early session, with notable divergence in offers; subsequently, some suppliers chose to offload inventory, mainly considering that downstream consumption expectations weakened after sustained copper price increases, upside room for spot premiums was limited, and willingness to liquidate holdings strengthened, driving the overall premiums center downward. Supply side, attention should be paid to the outflow of unmatched warrants after the contract rollover; if warrants are released in a concentrated manner, this will further suppress spot premiums. Inventory side, SMM recorded social inventory of 282,800 mt, down 17,000 mt from Monday, with the destocking pace showing a slowdown compared to the earlier period. Overall, under the combined effects of strengthened willingness to sell among suppliers and weakened consumption expectations, coupled with warrant outflows, spot prices against the 2605 contract are expected to see a slight decline in premiums tomorrow.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to see a phased recovery. Demand side, as a new monthly procurement cycle begins, the previously pent-up purchasing demand of downstream enterprises will be gradually released. Coupled with the stockpiling window ahead of the Qingming Festival, market inquiry activity is expected to rebound, and trading conditions may improve significantly from month-end levels, providing some support for spot discounts. From the market structure perspective, the price spread between high-quality copper and standard-quality copper has remained at a relatively narrow level, reflecting that actual consumption demand still dominates the market, while brand premiums have weakened. Supply side, imported cargoes have continued to arrive recently, and the destocking speed of social inventory in Shanghai has slowed, leaving overall circulating supply relatively ample and limiting the room for discount recovery. Overall, driven by early-month procurement and pre-holiday stockpiling, spot prices against the SHFE copper 2604 contract are expected to see some narrowing in discounts tomorrow.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain in the doldrums. Demand side, as it is currently month-end, most downstream enterprises have basically completed their monthly procurement plans, with limited new purchasing demand remaining, and the rest mainly focused on picking up goods under long-term contracts. Therefore, there were fewer inquiries during the day and transactions were sluggish. However, on Wednesday this week, as a new monthly procurement cycle begins, coupled with stockpiling demand ahead of the Qingming Festival, downstream buyers with cargo are expected to see some increase in purchasing demand, which may provide temporary support to spot premiums at that time. Supply side, imported cargoes have continued to arrive recently, and the destocking speed of social inventory in Shanghai has slowed down, with overall circulating supply remaining relatively ample, putting some pressure on the room for discount recovery. Overall, spot prices against the SHFE copper 2604 contract are expected to remain at current levels tomorrow, and after mid-week, attention should be paid to whether increased downstream purchasing can drive a slight narrowing of discounts.

[Shanghai Spot Copper] Looking ahead to next week, the Shanghai spot copper market is expected to remain in a tug-of-war. Supply side, some suppliers had already sold part of their imported cargoes during the day, such as Onsan, SR-P, and Polish large plates, while a large volume of imported copper is still set to arrive next week, and whether actual supply will increase significantly remains to be seen. If copper prices continue to fluctuate rangebound within the current range, the increase in supply will weigh on spot premiums. Demand side, next week will usher in a stockpiling window ahead of the Qingming Festival, and downstream enterprises may have demand to restock in advance. Spot transactions are expected to improve, which may provide temporary support to premiums. In addition, from the perspective of market structure, the price spread between high-quality copper and standard-quality copper has remained at a relatively narrow level, reflecting that current market trading is mainly driven by actual consumption demand, with brand premiums weakening and buyers paying more attention to price itself rather than brand differences. Overall, Shanghai spot copper prices against the 2604 contract are expected to remain at the current level next Monday.

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s total manganese ore imports in February 2026 were 2.3064 million mt, down 33.00% MoM and up 3.24% YoY. Cumulative imports in January-February were 5.749 million mt, up 46.29% YoY from the same period last year. February imports from Australia were 413,100 mt, down 31.35% MoM; South Africa 990,400 mt, down 49.55% MoM; Gabon 375,100 mt, up 13.01% MoM; Ghana 270,400 mt, up 1.78% MoM; Brazil 99,700 mt, down 17.87% MoM; and Myanmar 49,900 mt, up 14.8% MoM.