Core Insights - China's alumina exports in September reached 246,400 tons, representing a month-on-month increase of 36.51% and a year-on-year increase of 82.23% [1] - Exports of alumina to Russia hit a record high in September, amounting to approximately 231,500 tons, which is an increase of 78,400 tons from the previous month, reflecting a month-on-month growth of 51.24% [1] Summary by Category - **Export Volume** - In September, China's total alumina exports were 246,400 tons, marking a significant increase both month-on-month and year-on-year [1] - **Export Destination** - The volume of alumina exported to Russia reached a new high of 231,500 tons in September, indicating strong demand from this market [1]

据中国海关数据统计，2025年9月中国镍锍进口量5.68万吨，环比增加3.99万吨，增幅236.43%；同比增 加2.26万吨，增幅65.93%。其中自印度尼西亚进口量为5.56万吨，环比增加239.36%，占本月进口量的 97.93%。2025年1-9月镍锍进口总量32.68万吨，同比减少3.99%。 数据来源：海关总署 ...

据海关总署在线查询平台数据显示，中国9月铜矿砂及其精矿进口量为258.69万吨，环比下降6.24%，同 比上升6.43%。其中最大供应国智利输送量骤降逾三成至64.94万吨，秘鲁输送量微增至59万吨，墨西 哥、蒙古等主要供应国输送有不同程度的增加。智利Codelco旗下的El Teniente矿7月底发生事故，智利 铜产量整体受到影响。今年铜矿端干扰较多，国内铜精矿现货加工费持续低位徘徊。 以下为2020年3月以来中国铜矿砂主要进口来源国供应情况： 数据来源：海关总署 ...

Core Viewpoint - The tin market is experiencing a tight supply situation, but expectations for marginally looser supply in the long term are increasing due to the gradual resumption of production in Myanmar's Wa State tin mines. Demand recovery is slow, leading to limited overall demand growth and continued price fluctuations in the tin market [1][2]. Group 1: Supply Dynamics - The domestic tin ore market remains relatively tight, with a slight decline in tin concentrate imports in September. Imports from Myanmar are increasing, while imports from other major producing countries like the Democratic Republic of Congo are decreasing but still within normal ranges [1]. - Tin processing fees are maintaining low levels, and the raw material inventory of major domestic tin smelting enterprises is generally below 30 days, indicating a tight supply situation [1]. - The increase in operating rates in Yunnan is primarily due to seasonal maintenance completion at large smelting plants, but the driving force for sustained recovery in operating rates remains insufficient due to ongoing tight raw material supply [1]. Group 2: Demand Trends - Recent declines in tin prices have led to increased willingness among downstream buyers to inquire and purchase, resulting in slight improvements in spot trading. However, overall consumption recovery remains limited, particularly in the home appliance sector [2]. - There has been a notable increase in domestic mobile phone shipments in July, indicating a recovery in demand in the mobile market, with consumer purchasing willingness strengthening. The release of new products may further boost electronic product order levels, contingent on improvements in terminal order levels [2]. - The overall performance of consumption is currently poor, with the recovery in the terminal market during the peak season not meeting expectations. International trade tensions are negatively impacting the semiconductor market [2].

总统Mulino曾在6月时表示，和第一量子矿物公司签订金属供应协议的Franco-Nevada公司同意停止针对巴拿马的 仲裁案后，"开始对话的可能性已经很明确"。 该矿曾占到全球铜矿开采量的1%。 对于巴拿马来说，该矿的重新开放可能创造数千个就业岗位，提振经济。该矿约占到巴拿马国内生产总值的5%。 Chapman表示，公众对于该矿的看法有所改善，最新民调显示，50%的受访者对该矿持有负面看法，而一年前这 一比例超过80%。 （文华综合） 作为全球最大的铜消费国，中国产业链面临三大挑战：上游资源对外依存度攀升、中游加工环节产能过剩、下游 需求受高铜价抑制。为助力行业应对变局，上海有色网携手铜产业链企业联合编制《2026中国铜产业链分布图》 中英双语版，点击此链接即可免费领取铜产业链分布图：https://s.wcd.im/v/470opZ19l/。 SMM联合制作联系人 刘明康 10月20日（周一），巴拿马财政部长在接受采访时表示，巴拿马将要求重启价值100亿美元的Cobre Panama铜矿的 任何协议都必须明确规定，该国是该铜矿的土地和资源所有方。 在最高法院裁决、环境抗疫和政治动荡后，该矿山于2023年底 ...

Core Insights - LME copper prices increased by $87, or 0.82%, closing at $10,691.5 per ton, driven by a rebound in the stock market and strong industrial output data from China [1][4] - The industrial value-added in China for September grew by 6.5% year-on-year, accelerating by 1.3 percentage points compared to August, and increased by 0.64% month-on-month [4] - Other base metals also saw price increases, with LME zinc rising by $45, or 1.53%, to $2,978.5 per ton [4] Market Data - LME three-month copper: $10,691.50, up $87.00 (+0.82%) [2] - LME three-month aluminum: $2,776.50, down $1.00 (-0.04%) [2] - LME three-month zinc: $2,978.50, up $45.00 (+1.53%) [2] - LME three-month lead: $1,988.50, up $18.50 (+0.94%) [2] - LME three-month nickel: $15,222.00, up $96.00 (+0.63%) [2] - LME three-month tin: $35,304.00, up $267.00 (+0.76%) [2] Supply Dynamics - LME zinc inventory dropped to 37,325 tons, the lowest level since March 2023 [5] - LME spot zinc premium surged to $230.29 per ton, the highest level since 1997, indicating tight short-term supply [5]

Core Insights - Global primary aluminum production increased by 0.9% year-on-year in September, reaching 6.08 million tons, with an average daily production of 202,700 tons [1] - Excluding China and unreported regions, primary aluminum production in September was 2.23 million tons, with an average daily production of 74,300 tons [1]

Core Insights - China's imports of unwrought nickel in September 2025 reached 28,570.87 tons, marking a month-on-month increase of 16.97% and a year-on-year surge of 397.76% [1] Import Sources - Russia remains the largest source of unwrought nickel imports, supplying 19,343.47 tons in September 2025, with a month-on-month growth of 277.17% and a year-on-year increase of 636.49% [1] - Indonesia is the second-largest source, with imports of 3,107.67 tons, showing a month-on-month decline of 25.31% but a year-on-year rise of 596.76% [1] - Other notable sources include Norway (3,053.30 tons, -74.98% month-on-month, 1908.75% year-on-year), Japan (1,402.28 tons, +50.45% month-on-month, 94.34% year-on-year), and Canada (520.00 tons, -7.14% month-on-month, -28.96% year-on-year) [1] Summary of Import Data - The total unwrought nickel imports for September 2025 are detailed as follows: - Russia: 19,343.47 tons (277.17% MoM, 636.49% YoY) - Indonesia: 3,107.67 tons (-25.31% MoM, 596.76% YoY) - Norway: 3,053.30 tons (-74.98% MoM, 1908.75% YoY) - Japan: 1,402.28 tons (+50.45% MoM, 94.34% YoY) - Canada: 520.00 tons (-7.14% MoM, -28.96% YoY) - South Africa: 500.14 tons (-28.57% MoM) - FEE: 400.00 tons (+53.85% MoM, 150.00% YoY) - Vietnam: 172.59 tons (+0.09% MoM, 134.95% YoY) - Finland: 40.00 tons (-83.53% MoM, -90.00% YoY) - Belgium: 25.88 tons (-31.89% MoM, 43.78% YoY) - Australia: 5.03 tons (+0.24% MoM, -98.62% YoY) - Total: 28,570.87 tons (16.97% MoM, 397.76% YoY) [1]

Core Insights - China's nickel-iron imports in September 2025 reached 1,085,331.46 tons, marking a month-on-month increase of 24.27% and a year-on-year rise of 47.60% [1] Import Sources - Indonesia remains the largest source of nickel-iron imports, supplying 1,055,211.99 tons in September 2025, with a month-on-month growth of 24.21% and a year-on-year increase of 47.99% [1] - Brazil is the second-largest source, with imports of 8,994.05 tons, reflecting a significant month-on-month increase of 97.76% and a year-on-year rise of 127.25% [1] Detailed Import Data - The following table summarizes the nickel-iron import data for September 2025: | Source | Volume (tons) | Month-on-Month Change | Year-on-Year Change | |-----------------|---------------|-----------------------|---------------------| | Indonesia | 1,055,211.99 | 24.21% | 47.99% | | Brazil | 8,994.05 | 97.76% | 127.25% | | Other sources | Various | Various | Various | | Total | 1,085,331.46 | 24.27% | 47.60% | [1]

Core Insights - China's refined zinc imports in September 2025 totaled 22,677.51 tons, representing a month-on-month decrease of 11.61% and a year-on-year decrease of 57.05% [1] - Kazakhstan remains the largest source of refined zinc imports, with 17,758.51 tons imported in September, showing a month-on-month decrease of 14.72% but a year-on-year increase of 29.76% [1] - Iran is the second-largest source, with imports of 1,799.21 tons, reflecting a month-on-month decrease of 18.19% and a year-on-year decrease of 9.38% [1] Import Data Summary - Refined zinc includes non-alloy zinc with a zinc content of ≥99.995%, 99.99% to <99.995%, and <99.99% [1] - The total import/export volume also includes data from other unlisted origins [1]