Imported zinc concentrates rebounded 17% MoM in July! Can imports continue to rise in August? [SMM analysis]

SMM August 20 news:

      According to the latest customs data, China imported 425,600 mt in physical content of zinc concentrates in July 2026, up 17.29% MoM from June (62,700 mt in physical content) and down 15.12% YoY. Cumulative zinc concentrate imports from January to July stood at 3.1872 million mt in physical content, up 5% YoY.

       By country, in July 2026, the top three import sources were Australia (94,200 mt in physical content, 22.1%), Russia (48,700 mt in physical content, 11.4%), and Peru (42,800 mt in physical content, 10%). On a MoM basis, imports from Australia, Oman, and Spain increased significantly in July, while imports from Peru declined to some extent.

       China's zinc concentrate imports in July saw limited MoM growth from June, largely in line with earlier expectations. SMM attributes this to the following reasons:

• The SHFE/LME price ratio for zinc remained persistently low from June to July, keeping the import window for zinc concentrates closed and limiting spot order inflows of imported zinc concentrates in July.
• Q3 is the regular maintenance season in China, with some smelters conducting maintenance and cutting production in July, leading to a slight MoM decline in overall refined zinc production. This, combined with relatively subdued demand for zinc concentrates and price advantages of domestic ore, resulted in weaker purchasing interest for imported zinc concentrates.

       Entering August, SMM expects no significant rebound in China's zinc concentrate imports. Zinc concentrate TCs in China and overseas continue to decline rapidly. Due to price factors, domestic smelters in Q3 tend to actively procure domestic ore, while buying interest for imported zinc concentrates remains relatively weak. With arrivals of previously ordered imported zinc concentrates in the market, August imports are expected to see relatively small changes MoM compared with July.

(The above information is based on market collection and comprehensive assessment by the SMM research team. The information provided herein is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make decisions with caution and not use this as a substitute for independent judgment. Any decisions made by clients are unrelated to SMM.)