SHANGHAI, Mar. 1 (SMM) --
According to China Customs, China's imports of zinc concentrate were 340 kt during January 2010, down 15.1% MoM, but up 47.2% YoY. The MoM decline was due mainly to erosion of the price advantage for imported zinc cocnentrate and from a relatively sufficient supply of domestic zinc concentrate. In addition, relatively low imports in January 2009 were responsible for the dramatic YoY growth.
According to China Customs, China's imports of refined zinc were 29 kt during January 2010, up 51.6% MoM, and up 131.8% YoY. The SHFE/LME zinc price ratio was stable at 8.7 from December to early January, contributing to significant increases in refined zinc imports in January compared with December levels. Average monthly imports of refined zinc of 20 kt have become normal ever since zinc imports experienced sharp increases in 2009. The unusually high YoY growth rate of 131.8% was mainly due to low import levels during the financial crisis in January 2009.
According to China Customs, China's exports of refined zinc were 9,730 mt during January 2010, down 19.8% MoM, but up 909.2% YoY. Although exports of refined zinc declined on a monthly basis, the refined zinc export environment has still improved significantly. SMM predicts China's exports of refined zinc will continue to grow during February and March.
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