SMM July 24 News:
According to the latest China Customs data, China imported 362.8 kt (gross weight) of zinc concentrate in June 2026, down 8.51% MoM (or 51.1 kt) but up 9.97% YoY. Cumulative imports for January–June 2026 reached 2.7616 million tonnes (gross weight), representing a 8.98% increase from the same period last year.
By country of origin, the top three suppliers in June 2026 were:
- Peru: 75.0 kt (gross weight), accounting for 20.7% of total imports;
- Australia: 72.9 kt (gross weight), accounting for 20.1%;
- Russia: 46.4 kt (gross weight), accounting for 12.8%.
On a month-on-month basis, imports from Oman, the Democratic Republic of the Congo, and Mexico declined significantly, while shipments from Australia and Peru increased to some extent.
The decline in China's June zinc concentrate imports from May was broadly in line with SMM's earlier expectations. SMM attributes the decrease to the following factors:
- The domestic-to-overseas zinc price ratio remained at a low level, keeping the import arbitrage window closed, which continued to limit spot zinc concentrate imports into China during June.
- Persistently declining domestic and overseas treatment charges (TCs) led to lower refined zinc production in China during June, reducing overall demand for zinc concentrate and consequently weighing on purchases of imported material.
Looking ahead to July, SMM expects China's zinc concentrate imports to remain subdued. Against the backdrop of tight domestic mine supply, smelters are still prioritizing purchases of domestic zinc concentrate. Meanwhile, the third quarter marks the traditional maintenance season for Chinese zinc smelters, and domestic refined zinc production is expected to decline further from June levels. As a result, demand for imported concentrate is likely to weaken further, making a meaningful recovery in July import volumes unlikely.
(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.)
