Group 1 - In July 2025, China's nickel matte imports reached 36,000 tons, an increase of 13,500 tons month-on-month, representing a growth rate of 60.09% [1] - Year-on-year, the imports decreased by 18,700 tons, showing a decline of 34.15% [1] - The import volume from Indonesia was 35,700 tons, which accounted for 99.21% of the total imports for the month, with a month-on-month increase of 59.56% [1] Group 2 - From January to July 2025, the total nickel matte imports amounted to 253,200 tons, reflecting a year-on-year increase of 6.40% [1] - The decline in imports earlier was attributed to profit issues, leading some Indonesian nickel matte producers to shift production to nickel iron [1] - The significant recovery in July indicates a potential rebound in China's nickel matte import scale [1]

数据来源：海关总署 据中国海关数据统计，2025年7月镍矿进口量500.58万吨，环比增加65.91万吨，增幅15.16%；同比增加 152.07万吨，增幅43.63%。其中红土镍矿497.86万吨，硫化镍矿2.71万吨。自菲律宾进口红土镍矿 468.21万吨，占本月进口量的93.53%。2025年1-7月镍矿进口总量1978.69万吨，同比增加0.88%。菲律宾 雨季结束，镍矿发运恢复，中国进口镍矿季节性增长。 数据来源：海关总署 ...

数据来源：海关总署 据中国海关数据统计，2025年7月中国镍湿法中间品进口量15.48万吨，环比增加2.67万吨，增幅 20.80%；同比增加1.70万吨，增幅12.30%。其中自印度尼西亚进口量为13.16万吨，环比增加16.10%， 占本月进口量的84.98%。2025年1-7月镍湿法冶炼中间品进口总量101.79万吨，同比增加22.73%。随着 印尼镍湿法中间品产能逐步投放，中国进口规模维持高位。 ...

Group 1 - In June 2025, global zinc ingot production was 1.1667 million tons, while consumption was 1.1946 million tons, resulting in a supply shortage of 27,800 tons [1] - For the first half of 2025, global zinc ingot production totaled 6.8008 million tons, with consumption at 7.0146 million tons, leading to a supply shortage of 213,800 tons [1] - In June 2025, global zinc mine production reached 1.0628 million tons [2] - For the first half of 2025, global zinc mine production was 6.23 million tons [3]

Core Insights - In July 2025, China's alumina exports reached 229,447.79 tons, marking a month-on-month increase of 34.24% and a year-on-year increase of 56.40% [1][2] - Russia was the largest export destination, receiving 202,672.35 tons of alumina, which is a month-on-month increase of 36.64% and a year-on-year increase of 49.32% [1][2] - Indonesia was the largest supplier of alumina to China, with imports totaling 62,064.20 tons, showing a month-on-month decrease of 1.46% but a significant year-on-year increase of 10,600.72% [3][4] Export Data Summary - Total alumina exports in July 2025: 229,447.79 tons [2] - Major export destinations: - Russia: 202,672.35 tons (MoM: +36.64%, YoY: +49.32%) [1] - Oman: 11,085.17 tons [1] - South Korea: 4,478.26 tons (MoM: +163.86%, YoY: +64.25%) [1] - Japan: 1,262.49 tons (MoM: -37.75%, YoY: +67.40%) [1] Import Data Summary - Total alumina imports in July 2025: 125,916.94 tons [4] - Major import sources: - Indonesia: 62,064.20 tons (MoM: -1.46%, YoY: +10,600.72%) [3][4] - Australia: 31,500.20 tons (MoM: 0.00%, YoY: -50.00%) [3][4] - Vietnam: 27,332.45 tons [4] - Japan: 1,847.02 tons (MoM: +32.88%, YoY: +46.26%) [4]

2025年1-6月，全球原铝产量为3684.73万吨，消费量为3688.4万吨，供应短缺3.67万吨。 8月20日（周三），世界金属统计局（WBMS）公布的最新报告显示，2025年6月，全球原铝产量为 609.44万吨，消费量为591.13万吨，供应过剩18.31万吨。 ...

Core Insights - China's aluminum scrap imports in July 2025 reached 160,494.606 tons, showing a month-on-month increase of 3.15% and a year-on-year increase of 18.68% [1][2]. Import Data Summary - Thailand remains the largest supplier of aluminum scrap to China, with imports of 36,406.736 tons in July 2025, reflecting a month-on-month increase of 10.09% and a year-on-year increase of 22.21% [1]. - Japan is the second-largest supplier, with imports of 21,209.287 tons, marking a month-on-month growth of 16.26% and a significant year-on-year increase of 107.11% [1]. - Other notable suppliers include: - The UK: 16,464.09 tons, month-on-month increase of 0.89%, year-on-year increase of 14.65% [1]. - The US: 9,161.48 tons, month-on-month decrease of 13.25%, year-on-year decrease of 41.65% [1]. - Canada: 8,651.87 tons, month-on-month increase of 124.82%, year-on-year increase of 157.11% [1]. - Australia: 8,348.18 tons, month-on-month decrease of 5.73%, year-on-year increase of 8.59% [1]. - Germany: 6,766.48 tons, month-on-month increase of 2.00%, year-on-year increase of 70.75% [1]. - Norway: 3,223.33 tons, month-on-month increase of 21.25%, year-on-year increase of 749.00% [1]. - The overall trend indicates a strong demand for aluminum scrap in China, particularly from Asian suppliers, while imports from the US have significantly declined [1][2].

Core Viewpoint - Codelco will lower its production guidance for 2025 following a recent accident at its flagship mine El Teniente, which resulted in a production decrease of 33,000 tons and a financial loss of $340 million [1][1][1] Production Impact - The CEO Ruben Alvarado announced that the expected production for El Teniente this year is 316,000 tons [1] - The accident occurred on July 31 near a new section of the underground tunnel network called Andesita, leading to a temporary suspension of mining activities [1][1] Financial Implications - The production decline has resulted in a loss of $340 million, which is slightly higher than the previously estimated loss of $300 million based on a 20,000 to 30,000 ton production decrease [1][1] - The company plans to announce its latest copper production guidance when it releases its financial results for the first half of the year, which has been delayed due to the accident [1][1] Long-term Goals - Codelco's chairman Maximo Pacheco stated that the company aims to maintain a long-term production target of 1.7 million tons of copper annually until 2030 [1][1] - The company had previously set a production target of 1.37 to 1.4 million tons for 2025, slightly above the previous year's output [1][1]

Group 1 - In June 2025, global refined tin production is projected to be 30,000 tons, while consumption is expected to reach 33,400 tons, resulting in a supply shortage of 3,500 tons [2] - For the first half of 2025, global refined tin production totaled 179,000 tons, with consumption at 186,800 tons, leading to a supply deficit of 7,800 tons [2] - In June 2025, global tin ore production is estimated at 25,700 tons [2] Group 2 - The total global tin ore production for the first half of 2025 is reported to be 154,500 tons [2]

Core Insights - In July 2025, China's copper scrap imports totaled 190,077.53 tons, reflecting a month-on-month increase of 3.73% but a year-on-year decrease of 1.98% [1][4] - Japan emerged as the largest supplier of copper scrap to China, with imports of 36,147.03 tons, marking a month-on-month increase of 42.40% and a year-on-year increase of 75.13% [1][2] - Thailand ranked second, supplying 34,379.25 tons of copper scrap, which is a month-on-month increase of 31.11% and a year-on-year increase of 158.78% [1][2] Import Data Summary - **Japan**: 36,147.03 tons, +42.40% (MoM), +75.13% (YoY) [2] - **Thailand**: 34,379.25 tons, +31.11% (MoM), +158.78% (YoY) [2] - **South Korea**: 9,961.87 tons, +8.88% (MoM), -2.81% (YoY) [2] - **China (Mainland)**: 9,235.56 tons, +23.84% (MoM), +6.94% (YoY) [2] - **Saudi Arabia**: 6,917.76 tons, -14.62% (MoM), +140.08% (YoY) [2] - **United States**: 586.57 tons, -70.61% (MoM), -98.38% (YoY) [2] Overall Trends - The total import volume of copper scrap in July 2025 indicates a slight recovery from the previous month, while the year-on-year figures suggest a decline [4] - Significant increases in imports from Japan and Thailand highlight a shift in sourcing strategies for copper scrap [1][2] - The data reflects varying performance across different countries, with some suppliers experiencing substantial growth while others face declines [2][3]