Group 1 - The core point of the article highlights a significant decrease in China's nickel sulfate imports in October 2025, with a month-on-month reduction of 7,478 tons, representing a decline of 25.3%, while year-on-year, there was an increase of 11,756 tons, marking a growth of 114.1% [1] - The total cumulative import volume of nickel sulfate for China from January to October 2025 reached 211,776 tons, reflecting a year-on-year increase of 16.7% [3] - The primary sources of nickel sulfate imports in October 2025 included Indonesia (13,748 tons), South Korea (1,793 tons), and Finland (5,133 tons), indicating a notable reduction in imports mainly from Indonesia [1]

Group 1 - In October 2025, China's nickel matte imports totaled 28,300 tons, a month-on-month decrease of 28,400 tons, representing a decline of 50.06% [1] - Year-on-year, the imports decreased by 4,400 tons, which is a decline of 13.33% [1] - The import volume from Indonesia was 27,900 tons, a month-on-month decrease of 49.80%, accounting for 98.45% of the total imports for the month [1] Group 2 - From January to October 2025, the total nickel matte imports amounted to 355,200 tons, reflecting a year-on-year decrease of 4.81% [1]

海关统计数据在线查询平台公布的数据显示，中国2025年10月未锻压镍进口量为9,939.65吨，环比减少 65.21%，同比增长0.31%。 印度尼西亚是第一大进口来源地，当月从印度尼西亚进口未锻压镍3,660.19吨，环比增长17.78%。 注：1、未锻压镍包括按重量计镍、钴总量≥99.99%，钴≤0.005％的未锻轧非合金镍；其他未锻轧非合金 镍；未锻轧的镍合金。 2、进口总量（总计）中亦包括上表未列出的部分原产地数据。 数据来源：海关总署 挪威是第二大进口来源地，当月从挪威进口未锻压镍2,150.09吨，环比减少29.58%，同比增长 684.70%。 以下为根据中国海关总署官网数据整理的2025年10月未锻压镍进口分项数据一览表： ...

Core Insights - In October 2025, China's nickel-iron imports totaled 905,144.28 tons, reflecting a month-on-month decrease of 16.60% but a year-on-year increase of 31.72% [1] Import Sources - Indonesia remains the largest source of nickel-iron imports, with 884,038.43 tons imported in October 2025, showing a month-on-month decline of 16.22% and a year-on-year increase of 32.87% [1] - New Caledonia is the second-largest source, with imports of 8,562.48 tons, which is a month-on-month increase of 13.37% and a year-on-year rise of 51.52% [1] Detailed Import Data - The import data for October 2025 by origin is as follows: - Indonesia: 884,038.43 tons, -16.22% MoM, +32.87% YoY [1] - New Caledonia: 8,562.48 tons, +13.37% MoM, +51.52% YoY [1] - Colombia: 5,181.70 tons, -33.96% MoM, +12.79% YoY [1] - South Korea: 4,386.31 tons, -14.04% MoM, -39.58% YoY [1] - Thailand: 2,150.70 tons, -76.09% MoM, -47.19% YoY [1] - Malaysia: 275.71 tons, +415.13% MoM, +91.80% YoY [1] - Kazakhstan: 268.77 tons, +16.04% MoM [1] - Russia: 246.16 tons, -27.14% MoM [1] - Japan: 33.91 tons [1] - India: 0.12 tons, -99.90% YoY [1] - Total imports for October 2025 amounted to 905,144.28 tons, with a month-on-month decrease of 16.60% and a year-on-year increase of 31.72% [1]

Core Insights - In October 2025, China's imports of nickel ore and its concentrates reached 4,682,830.33 tons, representing a month-on-month decrease of 23.50% but a year-on-year increase of 11.82% [1] Import Sources - The Philippines remains the largest source of nickel ore imports, with 4,346,832.03 tons imported in October 2025, showing a month-on-month decline of 25.29% but a year-on-year increase of 7.52% [1] - New Caledonia is the second-largest source, with imports of 98,528.75 tons, reflecting a significant month-on-month increase of 421.05% [1] - Other notable sources include: - Solomon Islands: 77,360.07 tons, month-on-month increase of 90.50% [1] - Côte d'Ivoire: 66,860.64 tons, month-on-month decrease of 31.13% and year-on-year decrease of 35.51% [1] - Guatemala: 62,921.40 tons, month-on-month decrease of 35.97% but a year-on-year increase of 172.10% [1] - Russia: 18,209.18 tons, month-on-month decrease of 27.33% but a year-on-year increase of 164.00% [1] - Tanzania: 1,227.17 tons, month-on-month decrease of 28.02% but a year-on-year increase of 6.15% [1] - Indonesia: 0.01 tons, showing a month-on-month increase of 200.00% [1] Summary Table | Source | October 2025 (tons) | Month-on-Month Change | Year-on-Year Change | |-------------------|---------------------|-----------------------|----------------------| | Philippines | 4,346,832.03 | -25.29% | 7.52% | | New Caledonia | 98,528.75 | 421.05% | -- | | Solomon Islands | 77,360.07 | 90.50% | -- | | Côte d'Ivoire | 66,860.64 | -31.13% | -35.51% | | Guatemala | 62,921.40 | -35.97% | 172.10% | | Russia | 18,209.18 | -27.33% | 164.00% | | Tanzania | 1,227.17 | -28.02% | 6.15% | | Indonesia | 0.01 | 200.00% | -- | | Total | 4,682,830.33 | -23.50% | 11.82% | [1]

数据来源：海关总署 以下为根据中国海关总署官网数据整理的2025年10月精炼锌进口分项数据一览表： | Fresh | 2025年10月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 哈萨克斯坦 | 16.127.43 | -9.18% | 21.53% | | 伊朗 | 1,000.26 | -44.41% | -75.73% | | 澳大利亚 | 806.30 | -28.03% | -94.81% | | 日本 | 407.29 | -49.38% | -2.85% | | 西班牙 | 179.32 | 51.08% | -92.85% | | 印度 | 99.51 | -0.99% | -98.69% | | 美国 | 70.00 | -- | -17.96% | | 秘鲁 | 49.31 | 11.14% | -98.57% | | 韩国 | 42.37 | 6.12% | -99.28% | | 加拿大 | 28.34 | -31.62% | -91.04% | | 表国 | 26.64 | -90.94% | -95.97% | | 总计 | 18,836 ...

Core Insights - China's refined lead imports in October 2025 reached 3,812.24 tons, marking a month-on-month increase of 152.81% and a year-on-year rise of 168.07% [1] - South Korea emerged as the largest source of refined lead imports, supplying 2,757.88 tons, which represents a staggering year-on-year increase of 1,385.37% [1] - Malaysia ranked second in refined lead imports, contributing 593.68 tons in the same month [1] Import Data Summary - **Origin: South Korea** - October 2025 Imports: 2,757.88 tons - Year-on-Year Change: +1,385.37% [1] - **Origin: Malaysia** - October 2025 Imports: 593.68 tons - Year-on-Year Change: Not specified [1] - **Other Origins:** - Russia: 263.27 tons - Philippines: 197.41 tons, with a slight month-on-month increase of 0.15% [1] - **Total Imports:** - October 2025 Total: 3,812.24 tons - Month-on-Month Change: +152.81% - Year-on-Year Change: +168.07% [1]

Core Insights - The International Aluminium Institute (IAI) reported a 0.6% year-on-year increase in global primary aluminum production for October, reaching 6.294 million tons, with a daily average production of 203,000 tons [1] - Excluding China and unreported regions, the primary aluminum production in October was 2.314 million tons, with a daily average of 74,600 tons [1]

| | 2025年10月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 刚果民主共和国 | 2,700.36 | 124.16% | -7.43% | | 缅甸 | 2.366.81 | -24.55% | -61.61% | | 玻利维亚 | 1,828.35 | 152.00% | -24.97% | | 澳大利亚 | 1.363.51 | 69.67% | 2.95% | | 尼日利亚 | 1.237.90 | -8.94% | -7.96% | | 老挝 | 360.58 | 237.52% | 1258.64% | | 俄罗斯 | 297.29 | 88.20% | | | 马来西亚 | 288.51 | 22.32% | 133.26% | | 吉尔吉斯斯坦 | 270.23 | -15.65% | 383.62% | | 卢旺达 | 267.09 | 181.82% | -- | | 委内瑞拉 | 214.61 | -7.56% | 165.60% | | 印度尼西亚 | 181.91 | -13.60% | 169.85% | | 越南 | 137.32 ...

ANRM主席Jacinto Rocha表示，该机构将加强执法力度，支持多元化发展。在Moxico省和Cuando Cubango新发现的铜矿，以及在Namibe省发现的锂矿都需要更为严格的监管。 此举支持了安哥拉试图扩大其非石油矿产行业并吸引外国资本的意图。包括嘉能可（Glencore）、艾芬 豪矿业（Ivanhoe Mines）和泰兰纳资源公司（Tyranna Resources Ltd.）在内的多家公司都是活跃于该国 采矿业的国际勘探公司。 11月20日（周四），安哥拉将缩短采矿权授予时间，以便吸引更多投资进入该国的矿业部门。 矿业和石油部长Diamantino Azevedo在和矿产监管机构举行的一次活动上发表声明称，矿产监管机构必 须减少官僚主义，加强审查，并加快推出数字化采矿登记系统，以提升透明度。 Azevedo表示，安哥拉国家矿产资源局（ANRM）也应缩短许可证审批时间，但他并未具体说明目前的 审批流程需要多长时间，也未说明应缩短多少。 ...