SMM Analysis Of China Zinc Oxide Import And Export Data In November

According to the latest customs data, China’s zinc oxide exports in November 2023 were 1,146.56 mt, an increase of 1.14% month-on-month, and a decrease of 13.73% YoY; the cumulative zinc oxide export volume from January to November 2023 was 14,063.57 tons, down 19.20% year-on-year.
Exports to Vietnam were 446.06 mt in November and 38.91% of total, ranking first. This was followed by exports to the US (162.52 mt or 14.17% of total). Kenya received 85 mt, 7.41% of total and ranking third.
The spot USD/RMB exchange rate dipped from 7.17 to 7.10 in November. Slowly appreciating RMB slightly affected exports. Due to off-season and falling operating rates at domestic zinc oxide plants, exports may continue to fall in December.
According to customs data, zinc oxide imports in November 2023 were 276.12 mt, a month-on-month decrease of 26.47%, and a year-on-year decrease of 35.03%; the cumulative zinc oxide imports from January to November 2023 were 4736.12 mt, a year-on-year decrease of 26.47%. Overall, affected by sluggish domestic downstream demand, zinc oxide imports in November weakened both MoM and YoY.