Core Insights - The International Copper Study Group (ICSG) reported a global copper market surplus of 101,000 tons for January to July 2025, a decrease from a surplus of 401,000 tons in the same period last year [1] - Global refined copper production for January to July 2025 reached 16.565 million tons, up from 15.944 million tons in the same period last year [1] - Global refined copper consumption for January to July 2025 was 16.464 million tons, compared to 15.543 million tons in the previous year [1] Production and Consumption Data - In July 2025, global refined copper production was 2.5 million tons, while consumption was 2.441 million tons, indicating a surplus of 57,000 tons [1] - The global copper mine production for January to July 2025 was 13.477 million tons, an increase from 13.039 million tons in the same period last year [1] - The global copper smelting capacity utilization rate was 82% in 2025, consistent with previous years [1] Inventory and Supply-Demand Balance - The global refined copper ending inventory for 2025 was reported at 1.371 million tons, showing a decrease from 1.523 million tons in 2024 [1] - The refined copper supply-demand balance for 2025 indicated a surplus of 101,000 tons, a significant improvement from a deficit of 359,000 tons in 2021 [1] - Seasonal adjustments to the refined copper supply-demand balance showed a surplus of 261,000 tons for 2025 [1]

Group 1 - LME copper prices rose on September 23 due to supply disruptions and interest rate cuts, offsetting concerns over high inventories and a sluggish global economy [1][4] - The three-month copper futures closed at $9,974.50 per ton, up $12.00 or 0.02% [2] - Year-to-date, LME copper has increased by 13%, although it has retreated from a 15-month high of $10,192.50 reached last week [5] Group 2 - The Grasberg mine, one of the world's largest copper mines, remains offline following an accident in early September [4] - U.S. copper inventories surged by 241% this year, reaching 318,285 short tons, primarily due to anticipated tariffs [4] - Southern Copper Corporation expects stable copper production in Peru, having invested $800 million in projects [5] Group 3 - Nickel was the best-performing LME base metal on September 23, rising by 0.93% or $141.00 to $15,345 per ton, following Indonesia's suspension of 190 coal and mineral mining licenses [5]

数据来源：海关总署 据中国海关数据统计，2025年8月中国镍湿法中间品进口量17.06万吨，环比增加1.58万吨，增幅 10.21%；同比增加4.84万吨，增幅39.56%，创单月新高。其中自印度尼西亚进口量为13.79万吨，环比 增加4.78%，占本月进口量的80.80%。 ...

海关总署在线查询数据显示，中国氧化铝8月出口量为18.05万吨，环比下降21.32%，同比增加25.99%。 出口主要流向仍为俄罗斯、印度尼西亚等。2025年1-8月中国氧化铝累计出口175.32万吨，同比增长 59.29%。 数据来源：海关总署 ...

据中国海关数据统计，2025年8月中国镍锍进口量1.69万吨，环比减少1.92万吨，降幅53.18%；同比减 少5.14万吨，降幅75.27%，降至2023年12月以来新低。 数据来源：海关总署 ...

Core Insights - In August 2025, China's bauxite (bauxite ore and its concentrates) imports reached 18.29 million tons, reflecting a month-on-month decrease of 8.8% but a year-on-year increase of 17.6% [1] - Guinea remains the largest supplier of bauxite, although its shipments fell by 22.7% month-on-month to 12.33 million tons due to large-scale shutdowns in the Axis mining area and the onset of the rainy season affecting mining operations [1] Summary by Category - **Import Volume** - China's bauxite imports in August 2025 were 18.29 million tons, down 8.8% from the previous month and up 17.6% compared to the same month last year [1] - **Supplier Analysis** - Guinea continues to be the primary source of bauxite, with shipments decreasing by 22.7% to 12.33 million tons in August 2025 [1] - Other countries have shown varying degrees of increase in their bauxite shipments during the same period [1]

Group 1 - The core point of the article highlights that China's refined copper imports in August amounted to 307,200 tons, representing a month-on-month decrease of 8.17% but a year-on-year increase of 11.14% [1] - The Democratic Republic of the Congo remains the largest supplier of refined copper to China, with a supply volume of 126,300 tons, which is a month-on-month decrease of 11.55% but a year-on-year increase of 26.49% [1] - Russia is the second-largest supplier, providing 25,200 tons, which reflects a month-on-month decrease of 17.56% but a significant year-on-year increase of 173.10% [1] Group 2 - There are signs of improvement in import price ratios in late August, although most of the time, the market remains unprofitable [1]

海关总署在线查询数据显示，中国8月精炼铜出口量为36792吨，环比减少68.93%，同比增加19.40%。 由于美国对进口铜征税范围远不及市场预期，COMEX铜坠落，进口比价好转，8月份出口窗口打开时 间缩减，国内冶炼厂出口积极性减弱。 数据来源：海关总署 ...

Core Insights - Since the second quarter of last year, the impact of Myanmar's tin mining ban has led to a significant decline in China's tin ore imports, which have remained at low levels [2] - In August 2025, China's imports of tin ore and concentrates reached 10,267.27 physical tons (equivalent to 4,692.13 metal tons), showing a year-on-year increase of 12.79% but a month-on-month decrease of 4.68% [2] - Cumulatively, from January to August, imports totaled approximately 82,700 physical tons, reflecting a year-on-year increase of 1.10% [2] Import Analysis by Country - In August, imports from Myanmar amounted to 2,091.78 tons (equivalent to 593.44 metal tons), representing a year-on-year decrease of 41.00% but a month-on-month increase of 27.81% [3] - Imports from other countries totaled 8,175.49 tons (equivalent to 4,098.69 metal tons), showing a year-on-year increase of 29.94% but a month-on-month decrease of 8.07% [3] Supply Chain Dynamics - Myanmar's Wa State has begun resuming production, but progress is slower than expected due to declining ore grades and increasing mining costs [6] - The reliance on imported reagents from China for the beneficiation process is also raising operational costs, dampening the enthusiasm for resuming production [6] - Australia's tin mines, despite declining reserves, showed significant month-on-month growth in imports in August, primarily due to a recovery from low volumes in July [6] Decrease in Imports from Other Regions - Imports from the Democratic Republic of the Congo (DRC) in August were 2,452.69 physical tons (approximately 1,382.67 metal tons), reflecting a year-on-year decrease of 7.74% and a month-on-month decrease of 15.56% [7] - Bolivia's imports decreased to 505.80 physical tons (approximately 119.32 metal tons), with a month-on-month decline of 7.45% [7] Market Conditions and Price Outlook - The overall supply of tin ore in China remains tight, with slow recovery in Myanmar and the upcoming rainy season in Africa likely to limit significant increases in import volumes [9] - Domestic tin ingot smelting enterprises are experiencing reduced operating rates due to tight raw material supplies and high costs, which supports tin prices [9] - Although there are signs of slight recovery in the downstream market, actual consumption levels may decline compared to previous years, leading to a cautious approach among enterprises [9]

Core Insights - In August, China's imports of copper ore and concentrates reached 2.76 million tons, reflecting a month-on-month increase of 7.78% and a year-on-year increase of 7.45% [1] - Chile, the largest supplier, saw a significant increase in shipments by nearly 30% to 958,700 tons, while Peru's shipments slightly declined [1] - Other major suppliers, including Mongolia, Mexico, and Russia, also experienced varying degrees of increase in their shipments [1] - Domestic copper concentrate processing fees remain low, showing no signs of significant recovery, indicating a continued tight supply situation [1] Import Sources - The data regarding the main sources of copper ore imports into China since March 2020 is provided by the General Administration of Customs [3]