China refined zinc imports fell 39% YoY in January-February

SHANGHAI, Mar 25 (SMM) – China imported 54,500 mt of refined zinc in the first two months of the year, down 39.1% from the same period last year, as high import losses weighed on external trades amid the coronavirus outbreak, showed the latest customs data. 

During the period, refined zinc exports from China jumped 572.26% year on year to 8,800 mt, which pointed to a net import of 45,700 mt in January-February. 

China refined zinc import and export

SMM expects the refined zinc imports to slip to below 30,000 mt in March, given a lack of stimulus from profits or demand amid the coronavirus impact. Import losses remained at high levels despite gains in the SHFE/LME zinc price ratios, and the lengthened post-holiday inventory buildup suggested the slow resumption of demand. 

In January-February, China’s top five import sources of refined zinc in terms of import volumes were Kazakhstan (60%), Australia (18%), India (8%), Iran (7%), and South Korea (5%). 1# zinc accounted for 61% of the imports from Kazakhstan, while all refined zinc imports from Iran were 2# zinc. 

Refined zinc exports from Mainland China rose significantly in June 2019 with outflows of cargoes from the bonded zone. Major export destinations included Taiwan, Indonesia, Thailand, Malaysia, and Vietnam.