Core Insights - China's nickel ore and concentrate imports in August 2025 reached 6,346,691.93 tons, marking a month-on-month increase of 26.92% and a year-on-year increase of 29.87% [1] Import Sources - The Philippines remains the largest source of nickel ore and concentrate imports, supplying 5,944,048.49 tons in August 2025, with a month-on-month growth of 27.09% and a year-on-year increase of 25.75% [1] - New Caledonia is the second largest source, with imports of 165,661.89 tons, reflecting a month-on-month rise of 17.76% [1] Detailed Import Data - The following table summarizes the import data for August 2025: | Source Country | August 2025 (tons) | Month-on-Month Change | Year-on-Year Change | |----------------------|---------------------|-----------------------|---------------------| | Philippines | 5,944,048.49 | 27.09% | 25.75% | | New Caledonia | 165,661.89 | 17.76% | -- | | Côte d'Ivoire | 74,211.14 | -6.30% | -21.10% | | Solomon Islands | 74,128.88 | -- | -- | | Guatemala | 49,723.96 | -24.70% | 399.07% | | E | 10,945.86 | -- | -- | | Australia | 10,386.35 | -6.67% | 188.22% | | Zambia | 9,668.64 | -- | -60.19% | | Russia | 4,589.08 | -66.73% | -72.64% | | Tanzania | 2,939.75 | 32.68% | 150.74% | | Canada | 369.89 | -- | -- | | Malaysia | 17.96 | -- | -- | | Papua New Guinea | 0.04 | -- | -- | | Total | 6,346,691.93 | 26.92% | 29.87% | [1]

Core Insights - China's refined copper imports in August 2025 totaled 307,228.23 tons, representing a month-on-month decrease of 8.17% but an increase of 11.14% year-on-year [1][2]. Import Sources - The Democratic Republic of the Congo was the largest source of refined copper imports, supplying 126,307.12 tons, which is a decrease of 11.55% month-on-month but an increase of 26.49% year-on-year [1]. - Russia ranked second, with imports of 25,218.78 tons, showing a month-on-month decrease of 17.56% but a significant year-on-year increase of 173.10% [1]. - Other notable sources included the Netherlands (25,122.38 tons, +62.82% MoM, +12553.94% YoY) and Chile (21,701.70 tons, +12.84% MoM, -6.44% YoY) [1]. Detailed Import Data - A comprehensive breakdown of refined copper imports by origin for August 2025 is provided, highlighting significant fluctuations in both month-on-month and year-on-year changes across various countries [1][2]. - For instance, imports from Myanmar surged by 163.24% MoM and 185.32% YoY, while imports from Australia fell by 14.29% MoM and decreased by 57.40% YoY [1]. Additional Notes - The data includes various forms of refined copper, such as cathodes and wire bars, and also notes that the total import figures encompass additional unlisted origins [3].

Core Insights - China's refined lead imports in August 2025 totaled 1,820.55 tons, showing a month-on-month decrease of 46.72% and a year-on-year decrease of 96.58% [1] Import Data Summary - Kazakhstan was the largest source of refined lead imports, with 719.26 tons imported, reflecting a month-on-month decline of 72.63% and a year-on-year decrease of 96.65% [1] - Kyrgyzstan ranked second, with imports of 438.03 tons, which increased by 78.92% month-on-month and 99.49% year-on-year [1] - The Philippines imported 329.75 tons, showing a month-on-month increase of 59.57% but a year-on-year decrease of 17.30% [1] - Malaysia's imports were 201.43 tons, with a year-on-year decrease of 37.78% [1] - India imported 102.55 tons, reflecting a month-on-month increase of 3.24% but a significant year-on-year decrease of 99.06% [1] - Other notable imports included 23.70 tons from "地都國士" with a month-on-month decrease of 11.63% and 5.83 tons from Germany, which saw an extraordinary month-on-month increase of 583,200% [1] - Overall, the total refined lead imports for August 2025 were significantly lower compared to previous periods, indicating a potential shift in sourcing or demand dynamics in the market [1]

泰国是第二大进口来源地，当月从泰国进口废铜30,034.35吨，环比下降12.64%，同比上升103.08%。 海关统计数据在线查询平台公布的数据显示，中国2025年8月废铜（铜废碎料）进口量为179,359.74吨， 环比减少5.64%，同比上升5.93%。 日本是第一大进口来源地，当月从日本进口废铜35,443.33吨，环比下降1.95%，同比上升85.03%。 注：进口总量（总计）中亦包括上表未列出的部分原产地数据 | j | AFFILL | 1 -- ---- | Ania 110 | | --- | --- | --- | --- | | 多米尼加 | 587.38 | 24.19% | 141.05% | | 印度 | 580.03 | -0.04% | 89.21% | | 玻利维亚 | 551.53 | -12.46% | 54.99% | | 美国 | 543.87 | -7.28% | -98.13% | | 阿尔及利亚 | 513.62 | 4.05% | 107.50% | | 秘鲁 | 502.52 | -0.24% | 23.28% | | 黎田嫩 | 457.06 | 10.7 ...

海关统计数据在线查询平台公布的数据显示，中国2025年8月废铝（铝废料及碎料）进口量为172,610.37 吨，环比增长7.55%，同比上升25.35%。 泰国是第一大进口来源地，当月从泰国进口废铝（铝废料及碎料）43,454.67吨，环比上升19.36%，同 比增加60.38%。 英国是第二大进口来源地，当月从英国进口废铝（铝废料及碎料）19,589.29吨，环比上升18.98%，同 比增加49.41%。 以下为根据中国海关总署官网数据整理的2025年8废铝进口分项数据一览表： | 原产地 | 2025年8月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 泰国 | 43,454.67 | 19.36% | 60.38% | | 英国 | 19,589.29 | 18.98% | 49.41% | | 日本 | 19.057.73 | -10.14% | 27.18% | | 加拿大 | 11,405.51 | 31.83% | 54.54% | | 美国 | 10,199.78 | 11.33% | -13.64% | | 西班牙 | 10,071.31 | 40.4 ...

Summary of Key Points Core Viewpoint - In August 2025, China's alumina exports decreased by 21.33% month-on-month but increased by 26.00% year-on-year, indicating a mixed performance in the export market [1][2]. Export Data - Total alumina exports in August 2025 reached 180,507.10 tons, with Russia being the largest destination, receiving 153,020.78 tons, a month-on-month decrease of 24.50% but a year-on-year increase of 12.90% [1][2]. - Indonesia saw a significant increase in imports from China, with 13,242.91 tons exported, marking a month-on-month rise of 1620.54% and a year-on-year increase of 5177.55% [1][2]. - Other notable export destinations included Spain and Belgium, with exports increasing by 305.94% and 410852.38% respectively [1][2]. Import Data - In August 2025, China imported 94,360.36 tons of alumina, reflecting a month-on-month decrease of 25.03% but a substantial year-on-year increase of 1398.20% [2][3]. - Australia was the largest source of alumina imports, supplying 31,500.00 tons, with a year-on-year increase of 157499900.00% [3][4]. - Indonesia followed closely as the second-largest source, with imports of 31,318.35 tons, showing a month-on-month decline of 49.54% but a year-on-year increase of 5346.43% [3][4]. Additional Insights - The overall trend indicates a significant fluctuation in both exports and imports, with certain countries experiencing dramatic increases in trade volumes, particularly Indonesia and Belgium [1][2][3][4]. - The data suggests potential shifts in market dynamics and trade relationships, particularly with key players like Australia and Indonesia [3][4].

Core Insights - China's copper ore and concentrate imports in August 2025 reached 2,759,295.14 tons, reflecting a month-on-month increase of 7.78% and a year-on-year increase of 7.45% [1][3] Import Sources - Chile remains the largest source of copper ore and concentrate imports, with 958,654.98 tons imported in August 2025, marking a month-on-month increase of 27.07% and a year-on-year increase of 5.54% [1][2] - Peru is the second-largest source, with imports of 564,046.06 tons, showing a month-on-month decrease of 5.01% and a year-on-year decline of 23.58% [1][2] - Other notable sources include Mongolia (181,783.55 tons, +1.73% MoM, +84.25% YoY) and Russia (113,537.75 tons, +24.91% MoM, +303.10% YoY) [2][3] Detailed Import Data - The import data from various countries shows significant fluctuations, with some countries experiencing substantial increases, such as Laos (10,948.92 tons, -64.03% MoM, +9.69% YoY) and Malaysia (10,945.44 tons, +2557.63% MoM, +130.27% YoY) [2][3] - Countries like Ecuador and Japan saw significant decreases in imports, with Ecuador at 33,156.40 tons (-54.04% MoM, -42.14% YoY) and Japan at 35,929.22 tons (-15.77% MoM, +8.27% YoY) [2][3]

伦敦金属交易所（LME）公布数据显示，上周伦铜库存持续下滑，最新库存水平为147,650吨，降至逾一个月新低。 上海期货交易所最新公布数据显示，9月19日当周，沪铜库存继续回升，周度库存增加12.5%至105,814吨，增至三个月新高。国际铜库存减少1817吨至 12,327吨。 | 日期 | COMEX | LME | SHFE | | --- | --- | --- | --- | | 2025/9/19 | 316, 774 | 147,650 | 105, 814 | | 2025/9/18 | 315, 206 | 148, 875 | | | 2025/9/17 | 312, 842 | 149, 775 | | | 2025/9/16 | 312, 868 | 150, 950 | | | 2025/9/15 | 311, 847 | 152, 625 | | | 2025/9/12 | 310, 487 | 153, 950 | 94, 054 | | 2025/9/11 | 309, 834 | 154, 175 | | | 2025/9/10 | 308, 706 | 155, 050 | ...

| 原产地 | 2025年8月(吨) | 环比 | 自席 | | --- | --- | --- | --- | | 几内亚 | 12,326,143.75 | -22.67% | 12.72% | | 澳大利亚 | 4,428,457.71 | 41.32% | 22.13% | | 塞拉利品 | 596.447.24 | 164.17% | -- | | 手亚那 | 242.928.96 | 410.47% | -- | | 三来西亚 | 242,904.77 | 92.05% | 104.42% | | 老挝 | 190.963.25 | 93.94% | 38.76% | | 巴西 | 81.988.40 | -56.70% | -43.70% | | 十目賞 | 53,128.42 | 104173272.55% | -83.86% | | 篇 | 52,638.52 | | -- | | 科特迪瓦 | 49,789.98 | -49.56% | -1.60% | | 巴基斯坦 | 24,391.09 | 2.04% | -- | | 印度 | 0.32 | | 236.84% | | 坦桑尼亚 | ...

Core Viewpoint - The tin market is experiencing fluctuations with a slight upward trend, driven by improved trading in the spot market and a notable reduction in social inventory, despite weak supply and demand fundamentals [1][2]. Group 1: Market Performance - The main tin contract rose by 1.5%, closing at 272,510 yuan/ton [1]. - Last week, tin prices experienced a continuous decline, but the spot market showed slight improvement due to downstream replenishment activities [1]. - The overall order levels in September remained stable compared to August, despite being in a peak consumption season [2]. Group 2: Supply and Demand Dynamics - The supply of tin is constrained by slow recovery in Myanmar's tin mines and low operating rates at domestic smelting enterprises due to high costs and seasonal production cuts [1]. - Myanmar's Wa State tin mine exports were around 1,200 tons in August, indicating a persistent supply gap [1]. - The overall consumption level in September is expected to decline compared to previous years, with most enterprises maintaining a wait-and-see approach [2]. Group 3: Industry Outlook - The electronic industry may see increased usage of tin solder due to trends in AI and humanoid robots, although overall demand remains limited [2]. - The recent price corrections have led to improved inventory levels in downstream warehouses, suggesting a potential for gradual recovery in production and operating rates for tin solder enterprises [2]. - Despite a slight recovery in the automotive market, other sectors remain weak, but domestic inventory has significantly decreased, providing strong support for tin prices [2].