SHANGHAI, May 27 (SMM) – China's imports of refined zinc advanced by 51.82% on the month and by 133.77% on the year, to stand at 77,600 mt in April, as lower value-added taxes (VATs) on April 1 grew imports, showed data from China Customs on Monday May 27.
SMM expects imports to decline in May as import losses remained at highs. There are still some forward shipments that would enter the bonded stocks this month.
Last month, Spain, Kazakhstan, Australia, South Korea, and Namibia were the top five exporters of refined zinc to China. About half of the imports from Kazakhstan were #1 zinc.
The import arbitrage window remained closed last month, with an average import loss of 1,400 yuan/mt. While some forward seaborne cargoes went directly to downstream consumers in April, the rest entered the bonded warehouses, as evidenced by growing zinc stocks in Shanghai-bonded warehouses in April.
A higher reading in April bolstered imports in January-April by 26.27% on the year, to 218,300 mt, customs data showed.