SHANGHAI, Jun. 31 (SMM) –
China Customs data shows China imported 68,400 mt of zinc in June, up 123.6% YoY and 40.58% MoM. The SHFE/LME zinc price ratio fell from 7.3-7.4 to 7.1 in June, causing import losses to expand above RMB 1,000/mt. But strong demand for finance-driven imports resulting from midyear cash flow tightness caused imports to grow on both MoM and YoY basis.
Imports from Australia, Belgium, Finland and Spain were the highest in June, with 23,200 mt, 11,300 mt, 7,600 mt and 5,400 mt, respectively, and combining to 69.7% of total imports, which is lower than the proportion from the top four source countries in May. Imports from Australia grew 7,800 mt from May, and imports from Belgium increased 4,800 on the month. China imported no zinc from Finland, while imports from Spain dropped 4,400 mt from May.