Forging or purchasing customs clearance documents from other import and export firms refers to an export method where enterprises or individuals without export rights purchase a set of legitimate export declaration documents from import and export companies with operating rights to export goods and declare them to customs

SMM Analysis：According to SMM data, as of September 12, the weekly average SMM Zn50 TC stood at 3,850 yuan/mt in metal content, down 50 yuan/mt in metal content from August, while the imported zinc concentrate index reached $98.75/dmt. This marks the end of the 10-month upward trend in domestic zinc concentrate TCs, whereas imported zinc concentrate TCs continued to climb. Why did domestic zinc concentrate TCs suddenly reverse course in September? What are the expectations for Q4.....

SMM Analysis：As of September 10, LME zinc inventory dropped to around 50,000 mt, hitting a low since June 2023, while the LME zinc 0-3 premium expanded to $23.01/mt. Amid "squeeze" risks, LME zinc prices continued to rise since late August. However, domestic zinc inventory kept accumulating, and SHFE zinc remained in the doldrums due to the surplus logic. The SHFE/LME price ratio weakened again, significantly narrowing China's zinc export losses. Market attention on the zinc export window gradually increased.....

SMM Analysis: According to SMM, China's copper foil enterprises recorded an operating rate of 78.44% in August 2025, up 1.17 percentage points MoM and 9.71 percentage points YoY...

According to SMM, the operating rate of copper plate/sheet and strip producers stood at 65.87% in August 2025, edging up 0.25 percentage points MoM but down 5.36 percentage points YoY. Specifically, the operating rates were 70.32% for large enterprises, 59.29% for medium-sized enterprises, and 62.69% for small enterprises.