China's April Apparent Consumption of Refined Zinc Increases MoM

SHANGHAI, June 3 -- China's net imports of refined zinc in April grew on a monthly basis. China's imports of refined zinc were 46,130 mt during April, setting a new high for 2010. South Korea, Namibia, and Japan are the top three countries where China imported refined zinc in April, with total import volumes reaching 20,079 mt, accounting for approximately 43.5% in China's imports of refined zinc in April. China's exports of refined zinc were 4,327 mt in April, down 1,040 mt on a monthly basis. Net imports of refined zinc reached 41,803 mt in April, setting a new high for 2010.

China's output of refined zinc in April grew slightly on a monthly basis. China's refined zinc output reached 429 kt during April, up 1.9% MoM, setting a new high for 2010, only slightly lower than refined zinc output in November and December 2009. According to a survey of 40 zinc smelters in China, operating rates at zinc smelters were 85.6% in April, higher than March levels of 85.2%, an indication of high sentiment by domestic smelters in production.

SHFE zinc inventories continued to increase in April, but the growth slowed MoM. SHFE zinc inventories grew by 15,006 mt in April, and have grown for four consecutive months since 2010, with the growth in April down 5,583 mt compared with the growth in March.

(Edited by SMM)