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]

海关统计数据在线查询平台公布的数据显示，中国2025年9月锌矿砂及其精矿进口量为505,394.80吨，环 比增加8.61%，同比上升24.94%。 以下为根据中国海关总署官网数据整理的2025年9月锌矿砂及其精矿进口分项数据一览表： | 原产地 | 2025年9月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 澳大利亚 | 127,166.03 | 57.88% | 12.10% | | 秘鲁 | 70,596.54 | -33.40% | -18.46% | | 阿曼 | 56,102.96 | -- | 467.54% | | 俄罗斯 | 38,864.31 | -15.73% | 115.05% | | 南非 | 28,887.16 | -1.96% | 41.63% | | 尼立特里亚 | 28,500.23 | 211.55% | -- | | 玻利维亚 | 26,184.53 | 559.04% | 312.64% | | 哈萨克斯坦 | 24,859.83 | 25.85% | -37.48% | | 蒙古 | 16,264.19 | 7.03% | 2 ...

Core Insights - In September 2025, China's imports of nickel ore and concentrates reached 6,114,472.91 tons, reflecting a month-on-month decrease of 3.51% but a year-on-year increase of 34.43% [1] Import Sources - The Philippines remains the largest source of nickel ore and concentrates, with imports totaling 5,817,381.48 tons, showing a month-on-month decline of 1.93% and a year-on-year increase of 33.79% [1] - Guatemala is the second-largest source, with imports of 98,070.15 tons, marking a significant month-on-month growth of 99.64% and a year-on-year increase of 325.21% [1] Other Import Data - Côte d'Ivoire saw imports of 91,390.41 tons, reflecting an 18.26% month-on-month increase and a 143.58% year-on-year increase [1] - Solomon Islands experienced a notable month-on-month decline of 45.22% with imports of 40,610.00 tons, and a year-on-year decrease of 24.80% [1] - Russia's imports surged by 446.00% month-on-month to 25,056.38 tons, although year-on-year figures showed a decrease of 9.22% [1] - New Caledonia's imports dropped significantly by 88.59% month-on-month to 18,909.75 tons, with a year-on-year decline of 59.60% [1] - Australia and Vietnam had minor imports of 10,517.63 tons and 10,502.42 tons respectively, with Australia showing a slight month-on-month increase of 1.26% [1] - Other countries like Canada, Burundi, Oman, and Denmark contributed minimal amounts to the total imports [1]

Group 1 - LME reported a decline in aluminum inventory, with the latest level at 491,225 tons, reaching a one-month low [1] - The Shanghai Futures Exchange indicated a reduction in aluminum inventory, decreasing by 2.2% to 122,028 tons, marking a near two-month low [1] - Generally, the continuous decline in inventories on domestic and international exchanges tends to support futures prices, while an increase may exert downward pressure [3]

Core Viewpoint - The National Bureau of Statistics reports that China's primary aluminum (electrolytic aluminum) production in September 2025 reached 3.81 million tons, reflecting a year-on-year increase of 1.8% [1] Industry Summary - In September, domestic electrolytic aluminum operating capacity showed a slight recovery, with the aluminum water ratio in electrolytic aluminum plants also experiencing a minor increase, resulting in stable production levels [1] - As October begins, SMM indicates that the commissioning and resumption of replacement and technological transformation projects are expected to further boost electrolytic aluminum production, with daily average production anticipated to grow [1]

Core Insights - China's primary aluminum (electrolytic aluminum) production in September 2025 reached 3.81 million tons, reflecting a year-on-year increase of 1.8% [1] - Cumulative production from January to September 2025 totaled 33.97 million tons, showing a year-on-year growth of 2.2% [1] - In September 2025, the production of ten non-ferrous metals in China was 6.95 million tons, marking a year-on-year increase of 2.9% [1] - The cumulative production of these ten non-ferrous metals from January to September 2025 was 61.25 million tons, with a year-on-year growth of 3.0% [1]

哈萨克斯坦是第一大进口来源地，当月从哈萨克斯坦进口精炼铅（未锻轧的精炼铅）1,008.92吨，环比 上升40.27%，同比减少72.85%。 菲律宾是第二大进口来源地，当月从菲律宾进口精炼铅（未锻轧的精炼铅）197.11吨，环比减少 40.22%。 以下为根据中国海关总署官网数据整理的2025年9月精炼铅进口分项数据一览表： 海关统计数据在线查询平台公布的数据显示，中国2025年9月精炼铅（未锻轧的精炼铅）进口量为 1,507.92吨，环比下降17.17%，同比减少94.69%。 数据来源：海关总署 注：进口/出口总量（总计）中亦包括上表未列出的部分原产地数据 | 原产地 | 2025年9月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 哈萨克斯坦 | 1,008.92 | 40.27% | -72.85% | | 菲律宾 | 197.11 | -40.22% | | | 印度 | 196.23 | 91.35% | -97.64% | | 草桑比克 | 104.85 | -- | | | 泰国 | 0.81 | | | | 总计 | 1,507.92 | -17.17 ...

Core Viewpoint - Copper prices have shown resilience amid easing US-China trade tensions and stable economic performance in China, although domestic demand remains weak and social inventory continues to accumulate [1] Group 1: Market Performance - Copper opened slightly higher and continued to strengthen, closing up 0.73% [1] - As of October 20, domestic electrolytic copper inventory reached 195,500 tons, an increase of 12,400 tons compared to October 16 [1] Group 2: Supply and Demand Dynamics - Concerns about tight supply persist due to previous disruptions at the mining level, with domestic copper concentrate processing fees hovering around -40 USD/ton [1] - The increase in inventory is attributed to a significant inflow of imported copper and limited outflow from warehouses, as downstream consumption shows limited growth potential [1] Group 3: Future Outlook - Jin Yuan Futures suggests that the resumption of US-China negotiations may boost market risk appetite, with expectations of two interest rate cuts by the Federal Reserve this year [1] - Despite slightly lower-than-expected domestic consumption, the market remains in a tight balance, with supply growth from mines below 1% this year and limited growth in global smelting output [1] - The combination of easing macroeconomic disturbances and strong cost support is expected to lead to a short-term upward trend in copper prices [1]

海关统计数据在线查询平台公布的数据显示，中国2025年9月氧化铝出口量为246,420.17吨，环比增加 36.71%，同比增加82.25%。 | 25.00 | | | | | --- | --- | --- | --- | | 瑞菲 | 24.03 | 3597.23% | | | 厄瓜多尔 | 22.03 | -- | -- | | 尼日利亚 | 20.47 | -84.78% | -26.90% | | 加拿大 | 17.54 | 192.32% | 305.71% | | 巴基斯坦 | 13.00 | -36.47% | -- | | 奥地利 | 12.00 | -- | -- | | 尼日尔 | 10.00 | -- | -- | | 委内瑞拉 | 6.00 | -- | -- | | 秘鲁 | 5.60 | -97.54% | -93.38% | | 危地马拉 | 5.00 | -- | -- | | 菲律宾 | 4.60 | -52.21% | -- | | 葡萄牙 | 4.05 | 32.79% | 26.56% | | 坦桑尼亚 | 4.00 | -85.71% | -73.86% | | ...