Group 1 - The core point of the article highlights that China's refined copper imports in July amounted to 336,000 tons, showing a month-on-month decrease of 0.32% but a year-on-year increase of 12.05% [1] - The Democratic Republic of the Congo remains the largest supplier of refined copper to China, with a supply volume of 142,800 tons, reflecting a month-on-month increase of 20.72% and a year-on-year increase of 20% [1] - Russia is the second-largest supplier, providing 30,600 tons, which represents a month-on-month decrease of 32.25% but a year-on-year increase of 20.76% [1] Group 2 - The article notes that the import losses have narrowed in July, indicating that China's refined copper imports are still at a relatively high level for the year [1]

Core Insights - In July, China's refined copper exports reached 118,398 tons, representing a nearly 50% month-on-month increase and exceeding the levels from the same period last year [1] - Speculation regarding the U.S. copper tariff policy, expected to take effect on August 1, created strong export motivation among domestic smelters before the end of July [1] - Following the U.S. announcement of copper import tariffs, the scope was much narrower than market expectations, leading to a significant drop in COMEX copper prices and disrupting the underlying logic of global copper inflow to the U.S. [1]

Group 1 - The core point of the article highlights that China's copper scrap imports in July reached 183,200 tons, showing a month-on-month increase of 3.73% but a year-on-year decrease of 1.98% [2] - Japan, Thailand, and South Korea have significantly increased their supply, with Japan's shipments rising over 40% month-on-month to 36,100 tons, surpassing Thailand to become the largest supplier [2] - Imports from the United States continue to decline, remaining below 1,000 tons due to tariff policies and price comparisons [2]

Group 1: Inventory Changes - Copper inventory remains unchanged at 156,350 tons, with a registered warrant of 145,000 tons and a cancellation of 11,350 tons, resulting in a cancellation ratio of 7.26% [1][4] - Aluminum inventory also remains stable at 479,525 tons, with a registered warrant of 465,475 tons and a cancellation of 14,050 tons, leading to a cancellation ratio of 2.93% [2][5] - Zinc inventory decreased by 1,875 tons to 69,375 tons, with a registered warrant of 42,925 tons and a cancellation of 26,450 tons, resulting in a cancellation ratio of 38.13% [1][9] - Nickel inventory increased by 252 tons to 209,598 tons, with a registered warrant of 201,624 tons and a cancellation of 7,974 tons, leading to a cancellation ratio of 3.80% [1][13] - Tin inventory increased by 25 tons to 1,740 tons, with a registered warrant of 1,640 tons and a cancellation of 100 tons, resulting in a cancellation ratio of 5.75% [1][11] Group 2: Regional Inventory Insights - In Rotterdam, copper inventory remains at 21,500 tons, with a registered warrant of 20,600 tons and a cancellation of 900 tons, leading to a cancellation ratio of 4.19% [4] - Singapore shows a significant increase in aluminum cancellations, with a cancellation ratio of 93.49% from a registered warrant of 3,950 tons [5] - Zinc inventory in Singapore also reflects a decrease, with a cancellation ratio of 38.15% from a registered warrant of 26,425 tons [9] - The inventory in Kaohsiung for aluminum remains stable at 45,300 tons, with no changes in registered or cancelled warrants [5] - The inventory in Hamburg for aluminum remains unchanged at 3,075 tons, with no registered or cancelled warrants [5]

Core Insights - China's nickel ore and concentrate imports in July 2025 reached 5,005,763.89 tons, reflecting a month-on-month increase of 15.44% and a year-on-year increase of 45.29% [1] Import Data Summary - The Philippines remains the largest supplier, with imports of 4,682,115.993 tons, showing a month-on-month increase of 15.78% and a year-on-year increase of 44.88% [1] - New Caledonia is the second-largest supplier, with imports of 140,674.665 tons, marking a significant month-on-month increase of 205.54% [1] - Côte d'Ivoire saw a decrease in imports by 30.40% month-on-month, but a year-on-year increase of 101.66%, with imports totaling 79,197.40 tons [1] - Guatemala's imports increased by 8.15% month-on-month and 19.24% year-on-year, totaling 66,031.51 tons [1] - Russia experienced a month-on-month increase of 201.28% but a year-on-year decrease of 38.47%, with imports at 13,791.63 tons [1] - Australia saw a month-on-month increase of 5.63% but a year-on-year decrease of 10.59%, with imports totaling 11,128.37 tons [1] - Vietnam's imports increased by 2.52%, totaling 10,598.17 tons [1] - Tanzania's imports surged by 62.84% month-on-month and 565.65% year-on-year, totaling 2,215.67 tons [1] - Ethiopia's imports were recorded at 10.48 tons, with no comparative data available [1] - Overall, the total imports for July 2025 were 5,005,763.89 tons, with a month-on-month increase of 15.44% and a year-on-year increase of 45.29% [1]

Core Insights - China's imports of unrefined nickel in July 2025 reached 38,234.015 tons, marking a month-on-month increase of 122.09% and a year-on-year increase of 744.03% [1] - Russia remains the largest supplier, with imports from Russia amounting to 17,744.956 tons, reflecting a month-on-month increase of 403.05% and a year-on-year increase of 1776.25% [1] Import Data Summary - **Russia**: 17,744.96 tons, month-on-month increase of 403.05%, year-on-year increase of 1776.25% [1] - **China**: 8,334.25 tons, month-on-month increase of 34.25% [1] - **India**: 5,993.42 tons, month-on-month increase of 109.32%, year-on-year increase of 321.35% [1] - **Norway**: 2,480.66 tons, month-on-month increase of 35.45%, year-on-year increase of 1532.01% [1] - **Finland**: 985.08 tons, month-on-month increase of 2362.69%, year-on-year increase of 277.30% [1] - **Japan**: 725.62 tons, month-on-month increase of 25.23%, year-on-year increase of 17.15% [1] - **Canada**: 480.01 tons, month-on-month decrease of 27.27%, year-on-year increase of 34.08% [1] - **United Kingdom**: 220.00 tons, month-on-month increase of 83.33%, year-on-year decrease of 1.33% [1] - **Vietnam**: 49.28 tons [1] - **Belgium**: 18.00 tons, month-on-month increase of 5.88%, year-on-year decrease of 30.77% [1] - **Australia**: 2.51 tons, month-on-month decrease of 85.91%, year-on-year decrease of 99.11% [1] - **Total**: 38,234.02 tons, month-on-month increase of 122.09%, year-on-year increase of 744.03% [1]

Import Data - In July 2025, China's refined nickel imports reached 38,234.015 tons, representing a month-on-month increase of 122.09% and a year-on-year increase of 744.03% [1] - From January to July 2025, the cumulative import volume of refined nickel was 132,829.17 tons, an increase of 86,911 tons year-on-year, with a growth rate of 189.27% [1] - The primary sources of this increase were Russia, Finland, and Indonesia, with a significant amount of domestic nickel plates being exported back but remaining in bonded zones [1] Export Data - In July 2025, China's refined nickel exports totaled 15,545.572 tons, a month-on-month increase of 5,403 tons, or 53.27%, and a year-on-year increase of 515 tons, or 3.43% [3] - From January to July 2025, the cumulative export volume of refined nickel was 104,276.609 tons, which is an increase of 45,752 tons year-on-year, with a growth rate of 78.18% [3] - The main export destinations for domestic refined nickel were South Korea and Singapore, with July exports to South Korea accounting for 6,294.887 tons (69%) and to Singapore 2,053.822 tons (14%) [3] - The net import of refined nickel in July was 22,688 tons [3]

Group 1 - In June 2025, global refined nickel production reached 316,800 tons, while consumption was 304,200 tons, resulting in a surplus of 12,600 tons [1] - For the first half of 2025, global refined nickel production totaled 1,921,600 tons, with consumption at 1,741,700 tons, leading to a surplus of 180,000 tons [1] - In June 2025, global nickel ore production was 339,400 tons [1] Group 2 - For the first half of 2025, global nickel ore production amounted to 1,984,400 tons [1]

Core Insights - In July 2025, China's nickel iron imports totaled 835,895.916 tons, reflecting a month-on-month decrease of 19.68% but a year-on-year increase of 2.30% [1] Import Data Summary - Indonesia remains the largest supplier, with imports of 814,240.675 tons, showing a month-on-month decline of 19.94% and a year-on-year increase of 3.21% [1] - New Caledonia is the second-largest supplier, with imports of 9,870.18 tons, marking a month-on-month increase of 60.90% and a year-on-year rise of 7.23% [1] - The breakdown of imports by origin for July 2025 is as follows: - Indonesia: 814,240.68 tons, -19.94% MoM, +3.21% YoY [1] - New Caledonia: 9,870.18 tons, +60.90% MoM, +7.23% YoY [1] - Other origins include: - Philippines: 5,652.27 tons, -39.58% MoM, -29.96% YoY [1] - Russia: 161.07 tons, +5.18% MoM [1] - South Korea: 2,136.67 tons, -22.53% MoM, -72.89% YoY [1] - Malaysia: 48.13 tons, +99.09% MoM, -81.81% YoY [1] - Total imports: 835,895.92 tons, -19.68% MoM, +2.30% YoY [1]

数据来源：海关总署 据中国海关数据统计，2025年7月中国镍的硫酸盐进口量16935.261吨，环比增加3665.996吨，上升 27.63%；同比增加3313.43吨，上升24.32%。2025年1-7月中国镍的硫酸盐进口总量129896.77吨，同比增 加2.69%。7月进口硫酸镍小幅增长，处于近两年均值水平。 ...