China Zinc Concentrate Imports Up 8.22% during February 2014

SHANGHAI, Feb. 31 (SMM) –

China Customs reports China imported 173,300 mt of zinc concentrate in February, down 22.12% MoM, but up 8.22% YoY.

SMM sources report imports decreased in February due to the Chinese New Year holiday and since zinc smelters had built sufficient stocks. Besides, the SHFE/LME zinc price ratio remained low during January-February, and domestic zinc concentrate supply was sufficient, allowing mines to raise TC. But TC for imported zinc concentrate did not rise. Zinc concentrate imports grew on a YoY basis due to high demand for finance-driven imports given cash flow tightness during the Chinese New Year holiday.
 
Zinc concentrate suppliers decreased to 18 in February, down 1 from January. Australia, Peru and Ireland were the top 3 zinc concentrate suppliers, with no zinc concentrate imported from South Africa.

Importing enterprises decreased from 50 in January, to 22. Shanxi Ruipeng, Hechi Nanfang Nonferrous Metals, Yuguang Zinc Industry Company, Zhuzhou Smelter Group, Lianyungang Zeyun International Logistics and Lianyungang Sinotrans Bonded Service Company were the top 6 importers, combing for 81% of the total.