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Zinc Concentrate Imports in September Increased 3.77% MoM
Oct 25, 2022 11:28CST
Source:SMM
According to latest data from General Administration of Customs, China imported 390,600 mt of zinc concentrates in September 2022, up 142,000 mt or 3.77% MoM and 53.49% YoY. The imports totalled 2.88 million mt in January-September, a year-on-year increase of 5.7%.

SHANGHAI, Oct 25 (SMM) - According to latest data from General Administration of Customs, China imported 390,600 mt of zinc concentrates in September 2022, up 142,000 mt or 3.77% MoM and 53.49% YoY. The imports totalled 2.88 million mt in January-September, a year-on-year increase of 5.7%.

Imports from Australia were 83,600 mt in September, accounting for 21.41% of the total imports, ranking the first. Imports from Peru were 65,200 mt, accounting for 16.69% of the total imports, ranking the second. Imports from Eritrea were 51,400 mt, accounting for 13.17% of the total imports, ranking the third.
SMM attributed the month-on-month increase to three factors.

1. The operating rates of overseas smelters was limited, hence the demand for zinc concentrate decreased. Therefore, the TCs of imported zinc concentrate continued to rise due to the small supply surplus. As the profits of smelters improved, the imports increased.

2. The imported ore purchased by the smelters in the early stage continued to arrive and thus the overall arrivals were still relatively high.

3. The SHFE/LME price ratio continued to rise, and smelters were more willing to purchase imported zinc concentrate.

In October, the supply of domestic and overseas mines is relatively loose, hence the domestic and overseas TCs increase. In the case of the relatively high SHFE/LME price ratio, smelters are still more interested in imported zinc concentrate. The current TCs are expected to rise to about $250-280/mt in October. Zinc concentrate imports in October may remain high.
 

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