SHANGHAI, Apr. 28 (SMM) – China’s refined zinc imports surged 136.5% on the month in March to 40,900 mt, Customs indicated.

The sharp month-on-month rise in zinc imports was mainly a result of extremely low imports in February caused by the Chinese New Year holiday and an increase in the SMM/LME zinc price ratio to more than 7.9 in March.

However, the import numbers were still 40.02% lower than March 2014. High operating rates at Chinese zinc smelters left ample zinc supply in the market and zinc stocks in bonded zones also stayed high, eroding demand for imported zinc.

Kazakhstan, India, South Korea, and Australia were the top suppliers of China’s refined zinc imports in March, with shipments from these four countries at 17,700 mt, 15,900 mt, 3,500 mt, and 2,500 mt, respectively. Imports from Kazakhstan and India soared 113.3% and 148.4% MoM.

China’s refined zinc exports were 12,879 mt in March, holding above 10,000 mt for the eighth straight month. No refined zinc exports were reported in March last year.