According to the latest customs data, China's imports of copper-zinc alloy (brass) bars and rods in May 2026 reached 2,766.41 mt in physical content, up 8.19% YoY and surging 13.02% MoM. In January-May 2026, cumulative imports were 11,400 mt in physical content, a cumulative decline of 1.23% YoY (HS codes 74072111, 74072119, 74072190). From April to May, downstream users in China maintained a normal restocking pace, and with steady export order deliveries, monthly imports recovered on a MoM basis for consecutive months. However, overall end-use consumption showed no significant pickup, leaving cumulative imports still weak YoY.
By source, South Korea remained China's largest supplier of brass billet, with imports from South Korea reaching 1,117.9 mt in May, up 13.85% MoM and 16.79% YoY, accounting for 40.41% of the total. Japan ranked second, with May imports at 439.88 mt, up 19.05% MoM but down 0.82% YoY, representing a 15.9% share. In May, imports from these two key source countries both rose MoM, as overseas producers' shipments and the domestic procurement pace picked up simultaneously. Japan and South Korea together supplied over 50% of the total, and the import source structure remained stable.
On the import value side, growth remained divergent, and cost pressures continued to stand out. Import value in May was $26.7529 million, up 18.33% MoM and 38.04% YoY. In January-May 2026, cumulative import value reached $105.7079 million, a 23.42% YoY increase. A comparison shows that while imports in January-May fell 1.23% YoY in volume, import value surged 23.42% YoY, a sharp divergence. The key reason is that international copper raw material prices have been fluctuating at highs, pushing up the ex-factory cost of overseas brass billet, which then passed through to import prices and drove up unit transaction prices. Even though total import volumes were weak, overall import value maintained high growth.
The core contradiction of "high costs, weak demand, and pessimistic expectations" in the brass billet market has not fundamentally reversed. On one hand, international copper prices have been fluctuating at highs, continuously raising production and import costs for brass billet, squeezing profits at domestic processing enterprises, and making import purchase willingness more cautious. On the other hand, end-use consumption in traditional sectors such as real estate, home appliances, and hardware has recovered slowly, downstream finished product orders have been mediocre, spot trades in the market have remained sluggish overall, and there has been insufficient drive for large-scale restocking. Based on import performance in May and downstream fundamentals, SMM expects that the brass billet import market will continue to operate at low levels for the rest of Q2 this year. Without a concentrated recovery in end-use demand, imports are unlikely to see a sustained significant rebound, and the game between high import prices and weak end-use demand will persist.
