[SMM data] the amount of zinc concentrate imported in April reached an all-time high in May or fell under the influence of Peru.

SMM5 March 26:

According to the latest customs data, imports of zinc concentrates totaled 460600 tons (physical tons) in April 2020, an increase of 153600 tons (physical tons) over March and 156.9 percent over 2019. Refresh the high monthly import volume.

2019-2020年锌精矿进口量对比图

数据来源：SMM
 
分国别来看，澳大利亚进口21.9万实物吨，占4月锌精矿进口总量的47.55%，位居第一位，贡献本月主要增量；秘鲁进口5.35万实物吨，占4月锌精矿进口总量的11.62%，位居第二位；南非进口2.6万实物吨，占4月锌精矿进口总量的5.64%，位居第三位。 

SMM认为，4月进口锌精矿录得历史高位的原因如下：

First, the country with the main increase in the contribution of zinc concentrate in April is Australia, which has a net increase of 120000 physical tons of zinc concentrate compared with March. Mainly due to the impact of the epidemic, overseas consumers gradually shut down, the export of Australian zinc concentrate to other countries was blocked, and most of the zinc concentrate was exported to China, recording a surge. In addition, Peru and Namibia also contributed a small increase, which was generally affected by the decline in overseas demand.

Second, with the upward revision of the Hulun ratio, the import window of zinc concentrate gradually opened in the second half of April, the import of incoming shipments was concentrated in the early period, and the market circulation of imported ore increased. In addition, the domestic zinc concentrate processing fees are falling rapidly, and the supply of zinc concentrate is still tight, the market demand for imported zinc concentrate is strong, superimposed on the negative situation of domestic processing fees, some smelters actively purchase raw material reserves.

In May, with the reduction of domestic processing fees and the rebound of performance prices, the shipping willingness of most mines has warmed up, and the problem of tight supply of zinc concentrate in the market has gradually alleviated, but due to the impact of the overseas epidemic, mining shutdowns and port closures in Peru, Spain and other countries are expected to affect the imported zinc concentrate volume from May to July. Taken together, SMM expects imports of zinc concentrate to fall back to around 300000 physical tons in May.

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