SHANGHAI, August 23 (SMM) - According to customs data, China imported 90,300 mt of lead concentrates in July, up 44.01% on the month, but down 6.92% on the year. The imports totalled 518,900 mt from January to July 2022, a year-on-year decrease of 18.44%.
According to SMM research, as the SHFE/LME price ratio increased in June, the import window of lead concentrate opened. Although the TCs of imported lead concentrate continued to fall amid the tight supply, LME lead prices fell more significantly. Therefore, domestic buyers tended to purchase and the imported lead concentrate gradually arrived at ports. However, it should be noted that as the SHFE/LME prices ratio declined in late-July, the profits of imported lead concentrate narrowed, hence the amount of imported ore arriving at ports was limited. Russian Federation, Nigeria and Mayanmar were the main importers of lead concentrate in July, accounting for 67% of import volume.