中国9月大豆、铁矿石进口创历史同期新高、稀土出口环比降31%、铜金属进口触及年内新高

Core Insights - In September, China's imports of soybeans, iron ore, and coal significantly increased, with soybean imports reaching the second-highest level in history, while iron ore and coal imports hit their highest levels of the year. Copper imports surged, but natural gas imports continued to show weakness [1][6][10]. Import Data Summary - Total imports in September amounted to 16,990.8 million RMB, reflecting a year-on-year increase of 7.5% and marking the highest growth rate in 17 months [3][10]. - Soybean imports reached 12.87 million tons, a year-on-year increase of 13.19%, making it the second-highest September import on record [7][14]. - Iron ore imports totaled 11.63 million tons, a year-on-year increase of 11.72%, setting a new record for the same period [8][14]. - Coal imports rose to 4.6 million tons, the second-highest September import volume recorded, despite being lower than the record of 4.76 million tons set in September 2023 [9][14]. - Copper ore imports decreased by 6.3% month-on-month, while imports of refined copper and products surged by 13% to 48.5 tons, indicating a shift in buyer preferences due to supply chain disruptions [12][13]. Export Data Summary - Total exports in September were valued at 23,445.5 million RMB, with a year-on-year growth of 8.4%, marking the highest growth rate in six months [3][10]. - Rare earth exports fell to 4,000.3 tons, the lowest level since February, but the total export value increased to 5,960 million USD, reflecting an 8% rise in prices [4][5]. Market Dynamics - The increase in imports of major commodities reflects buyers' efforts to meet seasonal industrial demand in the autumn [6]. - Analysts noted that the high iron ore import levels were driven by healthy profit margins and pre-holiday stockpiling by steel mills [9]. - The structural changes in natural gas demand and enhanced domestic supply capabilities have contributed to the decline in natural gas imports [11].