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]

Group 1 - The core point of the article highlights a significant decline in China's refined lead imports in September 2025, with a total of 1,507.92 tons, representing a month-on-month decrease of 17.17% and a year-on-year decrease of 94.69% [1] Group 2 - Kazakhstan is identified as the largest source of refined lead imports, with 1,008.92 tons imported in September 2025, showing a month-on-month increase of 40.27% but a year-on-year decrease of 72.85% [1] - The Philippines ranks as the second-largest source, with imports of 197.11 tons, reflecting a month-on-month decrease of 40.22% [1] - India saw a significant month-on-month increase of 91.35% in refined lead imports, totaling 196.23 tons, but experienced a year-on-year decline of 97.64% [1] - Other countries such as Mozambique and Thailand contributed smaller amounts, with Mozambique at 104.85 tons and Thailand at 0.81 tons [1]

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% | | ...

Group 1: Inventory Changes - Copper inventory decreased by 50 tons to 137,175 tons, with a registered warehouse stock of 129,350 tons and a cancellation ratio of 5.70% [1][3] - Aluminum inventory remained stable at 487,125 tons, with a registered warehouse stock of 405,650 tons and a cancellation ratio of 16.73% [1][5] - Zinc inventory decreased by 700 tons to 37,325 tons, with a registered warehouse stock of 24,425 tons and a cancellation ratio of 34.56% [1][9] - Tin inventory remained unchanged at 2,735 tons, with a registered warehouse stock of 2,555 tons and a cancellation ratio of 6.58% [1][11] - Nickel inventory decreased by 54 tons to 250,476 tons, with a registered warehouse stock of 244,356 tons and a cancellation ratio of 2.44% [1][13] Group 2: Warehouse Specific Changes - In Rotterdam, copper inventory decreased by 50 tons to 14,500 tons, with a cancellation ratio of 1.21% [3] - In Singapore, zinc inventory decreased by 700 tons to 35,875 tons, with a cancellation ratio of 35.89% [9] - In Hamburg, aluminum inventory remained stable at 3,075 tons, with a cancellation ratio of 0.00% [5] - In Kaohsiung, tin inventory remained stable at 40 tons, with a cancellation ratio of 0.00% [11]

Core Insights - China's refined copper imports in September 2025 reached 374,075.58 tons, reflecting a month-on-month increase of 21.76% and a year-on-year increase of 7.44% [1][2] Import Sources - The Democratic Republic of the Congo was the largest source of refined copper imports, supplying 126,834.67 tons, with a month-on-month increase of 0.42% and a year-on-year increase of 3.27% [1][2] - Russia ranked second, exporting 48,359.13 tons, showing a significant month-on-month increase of 91.76% and a year-on-year increase of 37.40% [1][2] - Other notable sources included Chile (31,683.05 tons, +45.99% MoM, +9.20% YoY) and Kazakhstan (21,580.77 tons, +30.77% MoM, -21.73% YoY) [1][2] Detailed Import Data - A comprehensive breakdown of refined copper imports by origin for September 2025 is provided, highlighting significant increases from countries like Myanmar (15,549.01 tons, +109.97% MoM, +244.32% YoY) and Australia (13,563.58 tons, +147.29% MoM, +41.91% YoY) [1][2] - Conversely, imports from Japan (13,358.24 tons, +59.22% MoM, -43.13% YoY) and Peru (6,633.35 tons, +577.82% MoM, -37.45% YoY) showed notable declines in year-on-year comparisons [1][2] Summary of Trends - The overall trend indicates a robust increase in refined copper imports, particularly from emerging markets, while traditional suppliers like Japan and Peru are experiencing declines [1][2][3]