Core Insights - The latest report from the World Bureau of Metal Statistics (WBMS) indicates a global zinc supply shortage in September 2025, with production at 119.35 thousand tons and consumption at 122.92 thousand tons, resulting in a deficit of 3.57 thousand tons [1] - For the period from January to September 2025, global zinc production totaled 1,036.32 thousand tons, while consumption reached 1,073.69 thousand tons, leading to a supply shortfall of 37.37 thousand tons [1] - In September 2025, global zinc mine production was reported at 116.33 thousand tons, with a total of 996.47 thousand tons produced from January to September 2025 [1]

Core Insights - In October 2025, China's imports of zinc ore and concentrates reached 340,863.41 tons, reflecting a month-on-month decrease of 32.48% but a year-on-year increase of 3.19% [1] Import Sources - Peru emerged as the largest source of zinc ore and concentrates, with imports totaling 95,697.72 tons in October, marking a month-on-month increase of 35.56% and a staggering year-on-year increase of 316.96% [1] - Australia ranked as the second-largest source, with imports of 49,763.56 tons, which represented a month-on-month decline of 60.87% and a year-on-year decrease of 23.78% [1]

以下为根据中国海关总署官网数据整理的2025年10月氧化铝出口分项数据一览表： | 目的地 | 2025年10月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 俄罗斯 | 163,218.78 | -29.48% | 6.84% | | 织如图出 | 2,586.62 | 140.22% | 68.05% | | 韩国 | 1,892.55 | -58.06% | 440.60% | | 日本 | 1,580.06 | 143.87% | 412.01% | | 印度 | 1,319.36 | 106.75% | 253.95% | | 量内部 | 902.20 | 436.70% | 200.73% | | 越南 | 422.01 | 87.90% | -15.04% | | 美国 | 404.36 | -51.95% | 6.75% | | 印度尼西亚 | 402.63 | -82.23% | -96.14% | | 西班牙 | 400.23 | 128.70% | -36.36% | | 阿联酋 | 283.23 | -29.41% | 1019.40% | | ...

Core Insights - China's primary aluminum imports in October 2025 reached 248,351.67 tons, reflecting a month-on-month increase of 1.85% and a year-on-year increase of 42.08% [1] Import Sources - Russia remains the largest source of aluminum imports, with 157,657.56 tons imported in October 2025, showing a month-on-month decrease of 10.38% but a year-on-year increase of 7.55% [1] - Indonesia is the second-largest source, with imports of 36,435.96 tons, marking an 18.45% increase month-on-month and a significant 363.50% increase year-on-year [1] - Other notable sources include India (19,165.13 tons, +2.04% MoM, +750.88% YoY), Australia (10,710.62 tons, +146.69% MoM, +425.84% YoY), and the UAE (5,539.95 tons, +5.76% MoM, +19,858.75% YoY) [1] Summary of Import Data - The total import data for October 2025 is summarized as follows: - Russia: 157,657.56 tons, -10.38% MoM, +7.55% YoY - Indonesia: 36,435.96 tons, +18.45% MoM, +363.50% YoY - India: 19,165.13 tons, +2.04% MoM, +750.88% YoY - Australia: 10,710.62 tons, +146.69% MoM, +425.84% YoY - UAE: 5,539.95 tons, +5.76% MoM, +19,858.75% YoY - Total imports: 248,351.67 tons, +1.85% MoM, +42.08% YoY [1]

Core Insights - China's aluminum scrap imports in October 2025 reached 158,360.01 tons, reflecting a month-on-month increase of 1.90% and a year-on-year increase of 19.00% [1][2]. Import Sources - Thailand remains the largest source of aluminum scrap imports, with 26,708.18 tons imported in October, a decrease of 33.61% month-on-month but an increase of 16.45% year-on-year [1]. - The UK is the second-largest source, with imports of 21,844.44 tons, showing a month-on-month increase of 29.29% and a year-on-year increase of 45.43% [1]. - Other notable sources include Japan (19,141.77 tons, -5.36% MoM, +8.69% YoY), the USA (12,964.26 tons, +33.46% MoM, +7.63% YoY), and Canada (10,766.96 tons, +41.23% MoM, +135.22% YoY) [1][2]. Detailed Import Data - A comprehensive breakdown of aluminum scrap imports by country for October 2025 shows significant fluctuations in import volumes and growth rates across various countries, with Canada and Norway exhibiting particularly high year-on-year growth rates of 135.22% and 488.31%, respectively [1][2]. - Countries like South Korea and Spain also showed notable year-on-year increases of 179.90% and 43.74%, respectively, while some countries like El Salvador and Ireland experienced significant declines [1][2].

Core Insights - The World Bureau of Metal Statistics (WBMS) reported a global primary aluminum production of 6.0163 million tons and a consumption of 6.2084 million tons in September 2025, resulting in a supply shortage of 192,100 tons [1] - For the period from January to September 2025, global primary aluminum production reached 54.5499 million tons, while consumption was 55.8353 million tons, leading to a supply deficit of 1.2854 million tons [1] Production and Consumption - In September 2025, global primary aluminum production was 6.0163 million tons [1] - Global primary aluminum consumption in September 2025 was 6.2084 million tons [1] - The supply shortage in September 2025 was 192,100 tons [1] Year-to-Date Performance - From January to September 2025, the total global primary aluminum production was 54.5499 million tons [1] - The total global primary aluminum consumption during the same period was 55.8353 million tons [1] - The supply deficit for the first nine months of 2025 was 1.2854 million tons [1]

Core Insights - In October 2025, China's bauxite imports totaled 13,766,057.98 tons, reflecting a month-on-month decrease of 13.30% but a year-on-year increase of 12.49% [1][2]. Group 1: Import Sources - Guinea remains the largest source of bauxite imports, with 8,997,801.96 tons imported in October 2025, showing a month-on-month decrease of 14.24% and a year-on-year increase of 19.16% [1][2]. - Australia is the second-largest source, with imports of 3,824,284.89 tons, which represents a month-on-month increase of 2.34% and a year-on-year increase of 3.51% [1][2]. Group 2: Other Import Sources - Guyana saw a significant month-on-month increase of 77.24%, with imports totaling 251,968.22 tons [2]. - Laos experienced a month-on-month decrease of 13.15% but a year-on-year increase of 8.71%, with imports of 160,525.14 tons [2]. - Ghana's imports surged by 175.65% month-on-month, totaling 126,202.15 tons, while year-on-year growth was modest at 1.68% [2]. - Malaysia's imports dropped significantly by 44.89% month-on-month and 26.62% year-on-year, totaling 124,131.64 tons [2]. - Côte d'Ivoire's imports decreased by 26.63% month-on-month but increased by 3.32% year-on-year, totaling 104,321.24 tons [2]. - Sierra Leone and Tenomuzhen saw drastic month-on-month decreases of 70.63% and 85.58%, respectively [2]. - Pakistan's imports showed an extraordinary year-on-year increase of 2,511,071.67%, despite a month-on-month decrease of 17.58%, totaling 20,918.06 tons [2]. - Tanzania and UAE had minimal imports, with Tanzania showing a month-on-month increase of 57.55% [2].

Group 1: Inventory Changes - Copper inventory increased by 50 tons, reaching a total of 157,925 tons, reflecting a 0.03% rise [1] - Aluminum inventory decreased by 2,000 tons to 544,075 tons, showing a 0.37% decline [1] - Zinc inventory rose by 1,000 tons to 46,075 tons, marking a 2.22% increase [1] - Nickel inventory decreased by 1,674 tons to 254,172 tons, a decline of 0.65% [1] - Tin inventory fell by 50 tons to 3,065 tons, representing a 1.61% decrease [1] Group 2: Registered and Cancelled Warrants - Registered copper warrants totaled 148,450 tons, with a cancellation rate of 6.00% [2] - Registered aluminum warrants were at 484,800 tons, with a cancellation rate of 10.89% [2] - Registered zinc warrants reached 42,475 tons, with a cancellation rate of 7.81% [2] - Registered nickel warrants were 244,476 tons, with a cancellation rate of 3.81% [2] - Registered tin warrants stood at 2,995 tons, with a cancellation rate of 2.28% [2] Group 3: Specific Warehouse Inventory Changes - The largest copper inventory was at Changxing with 68,925 tons, an increase of 300 tons [4] - The largest aluminum inventory was at Port Klang with 355,000 tons, a decrease of 2,000 tons [6] - The largest zinc inventory was at Kaohsiung with 9,450 tons, an increase of 800 tons [10] - The largest tin inventory was at Changxing with 3,065 tons, a decrease of 50 tons [12] - The largest nickel inventory was at Singapore with 76,752 tons, unchanged [14]

Core Insights - China's copper ore and concentrate imports in October 2025 totaled 2,451,487.80 tons, representing a month-on-month decrease of 5.24% but a year-on-year increase of 6.08% [1][2]. Import Sources - Chile remains the largest source of copper ore and concentrate imports, with 769,360.14 tons imported in October, marking a month-on-month increase of 18.44% and a year-on-year increase of 18.45% [1]. - Peru is the second-largest source, with imports of 658,535.98 tons, reflecting a month-on-month increase of 11.56% and a year-on-year increase of 2.62% [1]. - Other notable sources include Kazakhstan, which saw a significant month-on-month increase of 60.01% to 138,434.96 tons, and Russia, which experienced a year-on-year increase of 153.25% to 102,758.53 tons [1]. Detailed Import Data - The following table summarizes the import data for October 2025 by origin: | Origin | October 2025 (tons) | Month-on-Month Change | Year-on-Year Change | | --- | --- | --- | --- | | Chile | 769,360.14 | 18.44% | 18.45% | | Peru | 658,535.98 | 11.56% | 2.62% | | Mongolia | 186,579.27 | 1.22% | 20.64% | | Kazakhstan | 138,434.96 | 60.01% | 32.94% | | Russia | 102,758.53 | 6.42% | 153.25% | | Democratic Republic of the Congo | 75,471.45 | 2.73% | 100.95% | | Mexico | 69,967.06 | -63.58% | -19.95% | | Serbia | 60,782.52 | -24.78% | -27.33% | | Australia | 49,266.01 | 3.35% | -51.01% | | Ecuador | 43,646.15 | -5.21% | -0.97% | | Canada | 39,921.72 | -18.24% | 2.67% | | Spain | 30,877.66 | -48.12% | -60.83% | | Indonesia | 30,169.14 | -80.65% | -42.12% | | Armenia | 28,419.43 | 41.79% | 43.11% | | Botswana | 22,844.58 | -33.62% | 237.10% | | Others | Various | Various | Various [1][2][3].

Core Insights - China's refined copper imports in October 2025 totaled 323,144.72 tons, reflecting a month-on-month decrease of 13.62% and a year-on-year decrease of 16.32% [1][2] Import Sources - The Democratic Republic of the Congo was the largest source of refined copper, with imports of 106,256.34 tons, down 16.22% month-on-month and down 27.55% year-on-year [1] - Russia ranked second, with imports of 43,359.60 tons, a month-on-month decrease of 10.34% but a year-on-year increase of 89.30% [1] - Other notable sources included Chile (30,216.93 tons, down 4.63% month-on-month and down 36.81% year-on-year) and Kazakhstan (24,230.78 tons, up 12.28% month-on-month and up 38.57% year-on-year) [1] Detailed Import Data - A comprehensive breakdown of imports by country shows significant fluctuations, with some countries like Morocco showing a dramatic increase of 850.62% month-on-month and 1263.38% year-on-year [1] - Conversely, imports from South Korea and Japan saw substantial declines, with decreases of 49.50% and 32.45% month-on-month, respectively [1] - The total import volume includes data from other unlisted origins, indicating a broader market trend [4]