SMM July 24 news:
According to the latest customs data, in June 2026, zinc concentrate imports amounted to 362,800 mt (in physical content), down 8.51% MoM from May (51,100 mt in physical content) and up 9.97% YoY. Total zinc concentrate imports from January to June were 2.7616 million mt (in physical content), up 8.98% YoY.
By country, in June 2026, the top three sources of imports were: Peru (75,000 mt in physical content, accounting for 20.7%), Australia (72,900 mt in physical content, 20.1%), and Russia (46,400 mt in physical content, 12.8%). On a MoM basis, imports from Oman, the DRC, and Mexico declined notably, while those from Australia and Peru increased to some extent.
China's zinc concentrate imports in June fell MoM from April, broadly in line with earlier expectations. SMM believes the reasons are as follows:
- The persistently low SHFE/LME zinc price ratio kept the import window for zinc concentrates closed, impacting spot order inflows in June;
- Affected by the continued decline in domestic and international TCs, China's refined zinc production fell MoM in June, weakening overall demand for ore and leading to a reduction in spot purchases of imported concentrates;
Entering July, SMM expects China's zinc concentrate imports to remain persistently low. Against a backdrop of tight domestic ore supply, smelters continue to limit purchases of domestic ore. Moreover, as Q3 is the regular maintenance season for domestic smelters, China's July refined zinc production is expected to decline further from June, weakening overall demand for imported ore. As a result, zinc concentrate imports in July are unlikely to see significant improvement.
(The above information is based on market data collection and a comprehensive assessment by the SMM research team. The information provided is for reference only. This article does not constitute direct investment advice. Clients should make decisions prudently and not take this as a substitute for independent judgment. Any decisions made by clients are not related to SMM.)
