SMM Analysis:China's Zinc Concentrate Imports Hit a New All - Time High in July: What's the Outlook for August?

SMM August 19 News:

According to the latest customs data, 501,400 physical tons of zinc concentrate were imported in July 2025, a month-on-month increase of 51.97% (171,500 physical tons) from June and a year-on-year increase of 33.58%. The cumulative import volume of zinc concentrate from January to July reached 3,035,400 physical tons, with a cumulative year-on-year growth of 45.2%.

By country, in July 2025, the top three source countries for imports were: Australia, with 118,800 physical tons, accounting for 23.69%; Peru, with 92,700 physical tons, accounting for 18.48%; and Russia, with 59,800 physical tons, accounting for 11.93%. In terms of month-on-month data, imports from countries such as Australia, Peru, Mexico, and Bolivia increased significantly in July, while inflows from countries like Chile and Cuba decreased to varying degrees.

SMM believes that the significant growth in zinc concentrate imports in July compared to June is due to the following reasons:

1. Affected by cargo arrival schedules, some zinc concentrate arrived in a concentrated manner in July, and the volume of zinc concentrate exported from Australia to China increased significantly.
2. The imported zinc concentrate for which smelters had locked prices in advance continued to arrive, leading to a month-on-month increase in the arrival volume of domestic zinc concentrate at ports in July.

Entering August, the price ratio remains at a low level under the scenario of "strong external and weak internal markets", and the import window for zinc concentrate remains closed, leaving limited opportunities for spot inflows. However, domestic smelters continue to increase production, resulting in strong demand for raw materials. Coupled with the continuous arrival of previously ordered imported zinc concentrate at ports, it is expected that the import volume of zinc concentrate in August may exceed 400,000 tons.

(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.)