SMM, September 21：
According to the latest customs data, China imported 399.73 tonnes of zinc oxide in August, up 70.73% month-on-month (MoM) and 2.53% year-on-year (YoY). Cumulative imports from January to August reached 3,895.56 tonnes, up 4.31% YoY. China exported 1,982.38 tonnes of zinc oxide in August, up 30.06% MoM and 60.20% YoY. Cumulative exports from January to August totaled 14,250.04 tonnes, up 52.09% YoY.
Import details for August:
Imports (total: 399.73 tonnes) were mainly concentrated in Asia:
Japan: 85.963 tonnes, accounting for 21.51%, down 15.81 tonnes MoM;
Malaysia: 74.652 tonnes, accounting for 18.68%, up 74.65 tonnes MoM;
Taiwan, China: 51.15 tonnes, accounting for 12.80%, up 42.15 tonnes MoM;
Canada: 48.036 tonnes, accounting for 12.02%, up 13.26 tonnes MoM;
South Korea: 46.6 tonnes, accounting for 11.66%, up 21.60 tonnes MoM;
In addition, Mexico, Peru, Austria, and others together imported 93.326 tonnes.
In terms of import structure, sources such as Malaysia, Taiwan (China), Mexico, and Peru saw notable increases in August. Malaysia was a newly added import source, contributing over 74 tonnes and becoming the main driver of import growth this month. Meanwhile, imports from Japan fell 15.81 tonnes MoM, and imports from Germany declined 7.09 tonnes MoM.
Export details for August:
Exports (total: 1,982.38 tonnes) remained highly concentrated in Asia:
Vietnam: 626.282 tonnes, accounting for 31.59%, up 285.33 tonnes MoM;
Brazil: 227.2 tonnes, accounting for 11.46%, up 226.73 tonnes MoM;
Indonesia: 106.05 tonnes, accounting for 5.35%, up 11.42 tonnes MoM;
Mexico: 104 tonnes, accounting for 5.25%, up 104 tonnes MoM (newly added);
Hong Kong, China: 100.02 tonnes, accounting for 5.05%, up 100.02 tonnes MoM (newly added).
In addition, exports to the Philippines and Thailand fell 73.10 tonnes and 160.86 tonnes MoM, respectively, showing a notable pullback. Exports to Cambodia and Ghana increased 52 tonnes and 47 tonnes, respectively, a significant increase.
In terms of export structure, China's zinc oxide exports in August remained dominated by the Asian market. Vietnam alone received 626.282 tonnes, accounting for 31.59% of total exports for the month, an increase of 285.33 tonnes from July, remaining the largest export destination. Meanwhile, exports to Brazil jumped from 0.475 tonnes in July to 227.2 tonnes. Mexico and Hong Kong (China) were both newly added export destinations, together contributing 204.02 tonnes. In addition, exports to the Philippines and Thailand fell 73.10 tonnes and 160.86 tonnes MoM, respectively, a notable decline.
Looking ahead, opportunities remain for zinc oxide exports. On one hand, the current low SHFE/LME price ratio gives zinc oxide exports a certain price competitiveness. On the other hand, in recent years, domestic tire companies have continued to expand overseas production capacity, and tire production in Southeast Asia and other regions has continued to grow, driving synchronized growth in supporting zinc oxide demand and providing support for China's zinc oxide exports. With domestic zinc oxide supply relatively ample, imports are expected to remain stable with no significant growth.
