SHANGHAI, Jul. 31 (SMM) - China’s refined zinc imports were 19,800 tonnes in June, down 71% YoY and 55.48% MoM, according to China Customs.
China’s zinc imports fell for the ninth straight month YoY due to soft domestic demand, SMM zinc analyst says.
Imported zinc has been unpopular due to unprofitability most of June, low availability of desirable brands and weak demand. The average SMM/LME zinc price ratio rose from 7.1 to 7.65, though, with import profit up to 100-200 yuan per tonne.
Australia, Kazakhstan, India and South Korea were the top 4 supplying countries, with 5,922 tonnes, 5,249 tonnes, 2,722 tonnes, and 2,179 tonnes, respectively. Imports from Australia fell 76% MoM, while those from Kazakhstan declined 59% MoM.
China’s refined zinc exports climbed for the thirteenth straight month on the YoY basis to 11,000 tonnes, up over 200% MoM. All exports were made from inventories at bonded warehouses, meaning higher import premiums in other regions than Asia.
China refined zinc imports during the first half of the year were 197,500 tonnes, down 47.95% YoY, with exports of 70,888 tonnes.
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