Zinc concentrate Imports Declined Significantly in March, What Will Happen in April? [SMM Analysis]

SMM April 21 News:

According to the latest customs data, zinc concentrate imports in March 2025 reached 359,500 mt, down 22.09% MoM (101,900 mt) from February, but up 47.16% YoY. Cumulative zinc concentrate imports from January to March totaled 1.2178 million mt, an increase of 36.62% YoY.

By country, the top three sources of imports in March 2025 were Peru (78,100 mt, 21.71%), Australia (61,400 mt, 17.09%), and Eritrea (28,600 mt, 7.95%). On a MoM basis, imports from Peru, Australia, Mexico, and Kazakhstan saw significant declines, while inflows from Eritrea, Mongolia, and the DRC increased to varying degrees.

SMM attributes the MoM decline in zinc concentrate imports in March to the following factors:

1. The import window for zinc concentrate remained closed throughout March, affecting the inflow of spot orders.

2. The slow rise in zinc concentrate TCs made domestic zinc concentrate more price-competitive for smelters, leading domestic smelters to prefer purchasing domestic zinc concentrate.

Entering April, imported zinc concentrate previously purchased by smelters continues to arrive at ports. Additionally, although the price advantage of imported zinc concentrate remains weak, the SHFE/LME price ratio has rebounded, opening the import window for zinc concentrate during the month and creating opportunities for spot order inflows. Coupled with the continued MoM increase in domestic smelter production in April, which boosts demand for zinc concentrate, it is expected that imported zinc concentrate volumes in April will remain at March levels.