Significant Growth in Zinc Ore Imports in November, with Peru and the US Contributing Major Increments [SMM Analysis]

According to the latest customs data, imported zinc concentrate in November 2024 reached 455,900 mt, up 37.73% MoM (124,900 mt) and up 45.01% YoY. From January to November, cumulative zinc concentrate imports totaled 3.6398 million mt, down 14.98% YoY.

By country, in November 2024, the top three import sources were Peru (95,100 mt, 20.87%), the US (79,300 mt, 17.40%), and Australia (73,400 mt, 16.10%). On a MoM basis, imports from Peru, the US, and Chile showed significant increases, while inflows from Iran, Vietnam, Mexico, and Kazakhstan decreased to varying degrees.

SMM believes the significant MoM increase in zinc concentrate imports in November can be attributed to the following reasons:

1. Continuous arrivals of imported zinc ore ordered earlier by smelters, coupled with the reopening of the zinc ore import window in November, which increased opportunities for imported ore inflows;

2. Minimal disruptions in overseas zinc ore supply recently, with Peru and the US contributing notable increments in November, driving overall growth.

Looking ahead to December, although the import window has closed again, restricting zinc ore inflows, the arrival of previously ordered zinc ore by smelters continues, and domestic zinc ore port inventory has increased significantly. It is expected that zinc ore imports in December may see only a limited pullback.