China's crude oil imports from January to February hit a record high for the period, while copper and steel imports dropped sharply and rare earth exports surged by 23%.

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Against the backdrop of ongoing turmoil in the Middle East, China’s crude oil and refined oil imports surged sharply from January to February, while imports of copper and natural gas fell significantly due to price and demand factors. Exports of key minerals climbed sharply, with rare earth exports jumping 23%.

On Tuesday, March 10, data released by the General Administration of Customs showed that, measured in RMB, China’s imports in February grew by 10.9% year-on-year, and exports surged by 36.1% year-on-year.

Regarding commodity exports, rare earth exports soared, rising by 23% year-on-year from January to February. Aluminum exports also increased year-on-year, and iron ore imports for the first two months grew by 10% year-on-year; steel exports fell 8.1% year-on-year during the first two months.

Regarding commodity imports, crude oil and refined oil imports grew year-on-year, while imports of steel and copper fell sharply year-on-year. In February, crude oil imports grew by 12.54% year-on-year, and imports for the first two months reached a new high for the period. Iron ore imports grew by 10% year-on-year for the first two months. Copper imports dropped sharply, falling 16.1% year-on-year in January and February, with a 24.81% year-on-year drop in February alone. Steel imports fell 21.7% year-on-year in January and February.

Rare Earth Export Surge

Rare earth exports in the first two months increased by 23% year-on-year, reaching 10,468.3 tons. This figure continues the strong momentum of 2025, with China’s rare earth exports last year hitting the highest level since at least 2014.

Besides rare earths, aluminum exports remained robust, with unwrought aluminum and aluminum products totaling 970,600 tons in the first two months, up 12.8% year-on-year.

Energy Imports Rebound: Crude Oil, Refined Oil, and Iron Ore All Achieve Growth

In February this year, by quantity, imports of crude oil, refined oil, iron ore, integrated circuits, and soybeans all increased. Imports of steel, natural gas, lignite, and others declined.

In the first two months of this year, China’s crude oil imports surged 15.8% year-on-year to 96.93 million tons, a new high for the period. According to analysts, China’s current strategic crude reserves are about 1.4 billion barrels (around 190 million tons), sufficient to cover a six-month gap if imports from the Middle East are fully cut off.

Refined oil imports also climbed sharply, totaling 9.032 million tons in the first two months, up 43.3% year-on-year.

Due to the US-Israel war with Iran, international oil prices approached $120 per barrel on Monday. Analysts believe that large reserves may serve as a buffer under the dual pressures of reduced output and trade disruption in the Middle East.

Iron ore imports also increased, rising 10% year-on-year to 210.2 million tons for the first two months, higher than 191.4 million tons for the same period last year. Ship tracking agency Kpler analyst Alexis Ellender pointed out that the growth mainly stemmed from robust exports from Australia in December last year, with fewer weather disruptions than the same period last year and improved domestic demand.

In contrast, copper imports fell 16.1% year-on-year, and natural gas imports fell slightly by 1.1%, reflecting structural divergence on the demand side.

Copper imports in the first two months dropped 16.1% year-on-year to 699,600 tons, as copper prices soared to historical highs, deterring buyers. However, copper concentrate imports rose 4.9% to 4.933 million tons, meeting record output demand from smelters—a marked divergence between the two.

Natural gas imports fell slightly by 1.1% to 20.016 million tons. Weakened industrial demand during the Spring Festival holiday restrained seaborne imports, while domestic production and record pipeline gas supplies from Russia offered more price-competitive alternatives.

Soybean imports fell 7.8% year-on-year in the first two months, despite increased shipments from the US following a trade truce last October.

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