[SMM Analysis] July Zinc Concentrate Imports Rebounded 17% — Can Imports Rise Further in August?

SMM Aug 20 News:

According to the latest customs data, China imported 425,600 tonnes of zinc concentrate (physical tonnes) in July 2026, up 17.29% month on month, or 62,700 tonnes, but down 15.12% year on year. Total zinc concentrate imports reached 3.1872 million tonnes in January-July, up 5% year on year.

By country, the top three sources of zinc concentrate imports in July were Australia, Russia and Peru. Imports from Australia reached 94,200 tonnes, accounting for 22.1% of the total, followed by Russia at 48,700 tonnes, or 11.4%, and Peru at 42,800 tonnes, or 10%. On a month-on-month basis, imports from Australia, Oman and Spain increased notably in July, while imports from Peru and several other origins declined to some extent.

The month-on-month increase in China's zinc concentrate imports in July was relatively limited and broadly in line with previous expectations. SMM attributes this mainly to the following factors:

1. Low zinc price ratios between domestic and overseas markets continued to weigh on imports.
The domestic-to-overseas zinc price ratio remained at low levels in June and July, keeping the import window for zinc concentrate closed and limiting spot imports of overseas zinc concentrate in July.

2. Domestic smelter maintenance reduced demand for zinc concentrate.
The third quarter is the traditional maintenance season for domestic smelters. Some smelters underwent maintenance and reduced production in July, resulting in a slight month-on-month decline in refined zinc output and weaker overall demand for zinc concentrate. In addition, domestic zinc concentrate remained more competitive in terms of pricing, reducing smelters' willingness to purchase imported material.

Looking ahead to August, SMM expects China's zinc concentrate imports to show no significant increase. Domestic and overseas zinc concentrate treatment charges have continued to decline rapidly. Given the pricing advantage of domestic concentrate, domestic smelters are inclined to actively secure domestic supply in the third quarter, while buying interest in imported zinc concentrate remains relatively weak. As previously purchased imported zinc concentrate arrives in China, August imports are expected to remain broadly stable month on month compared with July.

(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.)