Core Viewpoint - Codelco will lower its production guidance for 2025 following a recent accident at its flagship mine El Teniente, which resulted in a production decrease of 33,000 tons and a financial loss of $340 million [1][1][1] Production Impact - The CEO Ruben Alvarado announced that the expected production for El Teniente this year is 316,000 tons [1] - The accident occurred on July 31 near a new section of the underground tunnel network called Andesita, leading to a temporary suspension of mining activities [1][1] Financial Implications - The production decline has resulted in a loss of $340 million, which is slightly higher than the previously estimated loss of $300 million based on a 20,000 to 30,000 ton production decrease [1][1] - The company plans to announce its latest copper production guidance when it releases its financial results for the first half of the year, which has been delayed due to the accident [1][1] Long-term Goals - Codelco's chairman Maximo Pacheco stated that the company aims to maintain a long-term production target of 1.7 million tons of copper annually until 2030 [1][1] - The company had previously set a production target of 1.37 to 1.4 million tons for 2025, slightly above the previous year's output [1][1]

Group 1 - In June 2025, global refined tin production is projected to be 30,000 tons, while consumption is expected to reach 33,400 tons, resulting in a supply shortage of 3,500 tons [2] - For the first half of 2025, global refined tin production totaled 179,000 tons, with consumption at 186,800 tons, leading to a supply deficit of 7,800 tons [2] - In June 2025, global tin ore production is estimated at 25,700 tons [2] Group 2 - The total global tin ore production for the first half of 2025 is reported to be 154,500 tons [2]

Core Insights - In July 2025, China's copper scrap imports totaled 190,077.53 tons, reflecting a month-on-month increase of 3.73% but a year-on-year decrease of 1.98% [1][4] - Japan emerged as the largest supplier of copper scrap to China, with imports of 36,147.03 tons, marking a month-on-month increase of 42.40% and a year-on-year increase of 75.13% [1][2] - Thailand ranked second, supplying 34,379.25 tons of copper scrap, which is a month-on-month increase of 31.11% and a year-on-year increase of 158.78% [1][2] Import Data Summary - **Japan**: 36,147.03 tons, +42.40% (MoM), +75.13% (YoY) [2] - **Thailand**: 34,379.25 tons, +31.11% (MoM), +158.78% (YoY) [2] - **South Korea**: 9,961.87 tons, +8.88% (MoM), -2.81% (YoY) [2] - **China (Mainland)**: 9,235.56 tons, +23.84% (MoM), +6.94% (YoY) [2] - **Saudi Arabia**: 6,917.76 tons, -14.62% (MoM), +140.08% (YoY) [2] - **United States**: 586.57 tons, -70.61% (MoM), -98.38% (YoY) [2] Overall Trends - The total import volume of copper scrap in July 2025 indicates a slight recovery from the previous month, while the year-on-year figures suggest a decline [4] - Significant increases in imports from Japan and Thailand highlight a shift in sourcing strategies for copper scrap [1][2] - The data reflects varying performance across different countries, with some suppliers experiencing substantial growth while others face declines [2][3]

Core Insights - The World Bureau of Metal Statistics (WBMS) reported a global refined copper surplus of 46,500 tons in June 2025, with production at 2,173,500 tons and consumption at 2,127,000 tons [2] - For the first half of 2025, global refined copper production reached 13,043,800 tons, while consumption was 12,715,100 tons, resulting in a surplus of 32,8700 tons [2] - In June 2025, global copper concentrate production was 1,530,300 tons, and for the first half of 2025, it totaled 8,950,000 tons [2]

Core Viewpoint - The London Metal Exchange (LME) copper prices experienced fluctuations due to fund selling, with a closing increase observed before the upcoming speech by Federal Reserve Chairman Jerome Powell [1][4]. Group 1: Copper Market - On August 20, LME three-month copper rose by $28.5, or 0.29%, closing at $9,720.5 per ton, after hitting a low of $9,670.50, the lowest since August 7 [1][2]. - Concerns over demand have led to spot copper trading at a discount of nearly $100 per ton compared to three-month copper, marking the deepest discount since February [4]. Group 2: Other Base Metals - Three-month aluminum prices closed at $2,576.5 per ton, up $13 or 0.51%, after earlier touching a two-week low of $2,558 per ton [2][4]. - The International Aluminium Institute (IAI) reported that global primary aluminum production in July was 6.373 million tons, a year-on-year increase of 2.5%, with a daily average production of 205,600 tons [4].

Core Insights - In July 2025, China's refined copper imports totaled 335,969.236 tons, reflecting a month-on-month decrease of 0.32% but a year-on-year increase of 12.05% [1][3]. Import Data Summary - The Democratic Republic of the Congo was the largest supplier, with imports of 142,798.87 tons, showing a month-on-month increase of 20.72% and a year-on-year increase of 20.83% [2][3]. - Russia ranked second, with imports of 30,590.119 tons, which decreased by 32.25% month-on-month but increased by 20.76% year-on-year [2][3]. - Other notable suppliers included: - Zambia: 20,206.62 tons, up 28.99% month-on-month and 469.51% year-on-year [2]. - Chile: 19,232.32 tons, up 11.73% month-on-month but down 32.64% year-on-year [2]. - Netherlands: 16,841.56 tons, up 221.99% month-on-month [2]. - China: 13,156.07 tons, down 65.17% month-on-month but up 6398.49% year-on-year [2]. - Kazakhstan: 11,604.99 tons, down 33.21% month-on-month and down 42.41% year-on-year [2]. - Japan: 11,386.95 tons, down 24.67% month-on-month and down 39.51% year-on-year [2]. - Serbia: 7,381.33 tons, up 36.69% month-on-month and 145.39% year-on-year [2]. - Morocco: 6,611.97 tons, down 11.63% month-on-month but up 30.99% year-on-year [2]. - Australia: 6,399.56 tons, down 38.21% month-on-month and down 61.17% year-on-year [2]. - Peru: 6,031.50 tons, up 12237.90% month-on-month but down 37.29% year-on-year [2]. - South Korea: 5,929.16 tons, down 48.82% month-on-month and down 28.04% year-on-year [2]. - Uzbekistan: 5,285.00 tons, up 88.54% month-on-month but down 6.98% year-on-year [2]. - Pakistan: 4,667.68 tons, up 52.57% month-on-month and up 7.75% year-on-year [2]. - Poland: 3,503.60 tons, down 18.26% month-on-month and down 36.65% year-on-year [2]. - South Africa: 2,878.90 tons, down 0.65% month-on-month and down 22.55% year-on-year [2]. - Myanmar: 2,813.13 tons, up 107.15% month-on-month and 988.21% year-on-year [2]. - Indonesia: 2,648.80 tons, down 41.73% month-on-month and up 1.25% year-on-year [2]. - Iran: 1,998.54 tons [2]. - UAE: 1,929.54 tons, up 49.64% month-on-month but down 53.38% year-on-year [2]. - Mongolia: 1,664.43 tons, up 4.37% month-on-month and 23.55% year-on-year [2]. - Malaysia: 1,643.05 tons, up 82.30% month-on-month and 94.50% year-on-year [2]. - Qatar: 1,221.70 tons, down 16.69% month-on-month and down 33.43% year-on-year [2]. - Thailand: 874.12 tons, down 8.31% month-on-month and down 48.04% year-on-year [2]. - India: 840.01 tons, up 12.99% month-on-month and 227.26% year-on-year [2]. - Total imports included data from other unspecified origins [5].

Core Insights - China's zinc ore and concentrate imports in July 2025 reached 501,424.97 tons, marking a month-on-month increase of 51.97% and a year-on-year increase of 37.65% [1][2]. Import Data Summary - Australia remains the largest supplier, with imports of 118,780.25 tons, reflecting a month-on-month increase of 242.61% and a year-on-year increase of 73.71% [1][2]. - Peru is the second-largest supplier, with imports of 92,672.67 tons, showing a month-on-month increase of 30.89% and a year-on-year increase of 24.94% [1][2]. - Other notable suppliers include: - Russia: 59,797 tons, down 3.09% month-on-month, up 110.13% year-on-year [2]. - South Africa: 28,516.67 tons, up 39.98% month-on-month, up 154.97% year-on-year [2]. - Mexico: 23,011.11 tons, up 300.70% month-on-month, up 115.51% year-on-year [2]. - Democratic Republic of the Congo: 15,105.60 tons, up 16.59% month-on-month [2]. - The total import volume includes data from other unspecified origins [3].

Core Insights - In July 2025, China's imports of copper ore and concentrates reached 2,560,072.316 tons, reflecting a month-on-month increase of 8.96% and a year-on-year increase of 18.45% [1][2][3] Import Data Summary - Chile remains the largest supplier, with imports of 754,439.976 tons, showing a month-on-month increase of 11.90% but a year-on-year decrease of 6.97% [1][2] - Peru is the second-largest supplier, with imports of 593,819.612 tons, marking a month-on-month increase of 13.49% and a year-on-year increase of 44.84% [1][2] - Other notable suppliers include: - Mongolia: 178,697.13 tons, down 5.85% month-on-month, up 42.50% year-on-year [2] - Kazakhstan: 135,204.89 tons, down 6.60% month-on-month, up 0.99% year-on-year [2] - Spain: 92,322.17 tons, year-on-year increase of 50.68% [2] - Russia: 90,896.43 tons, up 12.74% month-on-month, up 185.18% year-on-year [2] - Democratic Republic of the Congo: 83,090.40 tons, up 42.39% month-on-month, up 78.50% year-on-year [2] - Indonesia: 82,645.81 tons, down 8.97% month-on-month, up 690.66% year-on-year [2] - Ecuador: 72,147.72 tons, up 55.45% month-on-month, up 9.35% year-on-year [2] - Australia: 68,914.48 tons, up 121.06% month-on-month, up 130.13% year-on-year [2] - The total import volume includes contributions from various other countries, with significant fluctuations noted in several regions [3]

以下为根据中国海关总署官网数据整理的2025年7月精炼锌进口分项数据一览表： | 同在曲 | 2025年7月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 哈萨克斯坦 | 12,252.06 | -14.27% | 44.21% | | 澳大利亚 | 2.762.54 | -39.92% | -55.97% | | 印度 | 1.476.56 | -70.36% | | | 西班牙 | 774.95 | -89.13% | 157.42% | | 印度尼西亚 | 472.33 | 225.52% | | | 加拿大 | 78.27 | -- | -70.82% | | 韩国 | 48.39 | -82.19% | 582.72% | | 秘鲁 | 28.81 | -43.00% | | | 日本 | 10.00 | 1841.17% | -97.50% | | 总计 | 17.903.91 | -50.35% | -2.97% | 澳大利亚是第二大供应国，当月从澳大利亚进口精炼锌2,762.539吨，环比减少39.92%，同比下降 55.97%。 海关统计数据在线查询平 ...

海关统计数据在线查询平台公布的数据显示，中国2025年7月铝土矿（铝矿砂及其精矿）进口量为 20,062,990.002吨，环比增长10.75%，同比增加52.64%。 以下为根据中国海关总署官网数据整理的2025年7月铝土矿进口分项数据一览表： | 原产地 | 2025年7月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 几内亚 | 15,941,897.97 | 19.65% | 72.74% | | 澳大利亚 | 3,133,603.59 | 3.85% | -9.79% | | 塞拉利昂 | 225,784.65 | -40.09% | -- | | 田 | 189,357.67 | 75.35% | 84.39% | | 牙买加 | 130.058.99 | 181.10% | -- | | 三来西亚 | 127,750.46 | 47.73% | 34.85% | | 科特迪瓦 | 99,178.60 | 103.22% | 96.09% | | 老挝 | 98,367.99 | -24.22% | 329.93% | | 圭亚那 | 47.589.00 | ...