Data: SHFE, DCE market movement (Mar 23)

[SMM Flash News] The 2026 Chinese New Year holiday fell in February, significantly shortening effective production time, which was one of the reasons for the sharp decline in brass billet imports in February. In addition, persistently high raw material costs clearly suppressed import demand. In terms of operating conditions, the pace of work resumption in the brass billet industry after Chinese New Year was also noticeably slower than in previous years.

[SMM Brass Bar Flash] According to the latest customs data, China’s imports of copper-zinc alloy (brass) bars and rods stood at 2,050.01 mt in physical content in January 2026, down 8.37% MoM and up 24.53% YoY. In February, China’s imports of copper-zinc alloy (brass) bars and rods were 1,344.87 mt in physical content, down 34.4% MoM and down 36.67% YoY, marking an overall sharp decline. Cumulative imports in January-February 2026 totaled 3,394.87, down 9.94% YoY on a cumulative basis. (HS codes 74072111, 74072119, 74072190).

[SMM Flash News] China’s copper scrap import sources showed clear characteristics of “one dominant player with many strong suppliers, and diversified sources.” Japan, Thailand, and Spain have long ranked among the top three, with their core supplier positions remaining solid. Japan: exports to China were 31,200 mt in January, accounting for 13.43%, up 104.94% YoY; exports were 26,600 mt in February, with the share rising to 15.81%, still up 13.93% YoY. Although both months declined MoM, its core supplier position remained unshaken.