Significant Increase in Zinc Concentrate Imports in January-February YoY, What to Expect in March?

SMM Mar 20 News:

According to the latest customs data, China imported 594,800 mt of zinc concentrates (mt in physical content) in January 2026, setting a new monthly record high. Zinc concentrate imports were 413,900 mt (mt in physical content) in February, bringing cumulative imports in January-February to 1.0088 million mt (mt in physical content), up 17.5% YoY.

By country, in January-February 2026, the top three source countries for imports were Australia (240,900 mt in physical content in January-February, 23.9%), Peru (189,400 mt in physical content, 18.8%), and Russia (86,900 mt in physical content, 8.9%).

China's zinc concentrate imports in January-February were significant, basically reaching historically high levels. SMM believes the reasons were as follows:

1. From mid-December to January, China's imported zinc concentrate import window remained open, creating opportunities for spot order inflows;

2. February coincided with the Chinese New Year holiday, and domestic smelters had expectations for winter stockpiling, so they actively procured imported zinc concentrates earlier. Zinc concentrates with prices locked earlier arrived in China successively during January-February, resulting in relatively high overall imports.

Entering March, on the one hand, China's imported zinc concentrate import window remained closed, affecting spot order inflows of imported zinc concentrates. On the other hand, since late February, transportation of Australian zinc concentrates has continued to face disruptions, and arrivals of Australian zinc concentrates in March are expected to be affected. In addition, as conflicts in the Middle East continue to escalate, arrivals of Iranian zinc concentrates are also expected to face certain disruptions. Taking all factors together, China's zinc concentrate imports in March are unlikely to see significant growth from February.

(The above information is based on market collection and comprehensive evaluation by the SMM research team. The information provided in this article is for reference only. This article does not constitute direct advice for investment research and decision-making. Customers should make cautious decisions and should not replace their independent judgment with this information. Any decisions made by customers are not related to SMM.)