Imported Zinc Concentrate TCs Rebound Significantly: What Will Happen to Zinc Ore Imports in January? [SMM Analysis]

SMM, January 21: According to the latest customs data, in December 2024, imported zinc concentrates totaled 457,300 mt, up 0.31% MoM (1,400 mt) and up 3.49% YoY. From January to December, cumulative imports of zinc concentrates reached 4.0971 million mt, down 13.26% YoY. By country, in December 2024, the top three import sources were Australia (116,200 mt, 25.40%), Peru (54,900 mt, 11.99%), and South Africa (50,300 mt, 11.00%). On a MoM basis, imports from Australia, South Africa, and Mexico increased significantly, while imports from Peru, the US, and Chile saw varying degrees of decline. SMM believes that December's zinc concentrate imports remained at a similar level to November due to the following reasons: 1. In late December, the import window for zinc ore opened, facilitating the inflow of imported ore, with previously locked-in priced shipments continuing to arrive. 2. At year-end, during the winter stockpiling season, smelters resumed production MoM, and raw material stocking demand led to continued purchases of imported zinc ore by smelters. In January, the zinc ore import window remains open, and recently, zinc concentrate TCs for imports have rebounded significantly. Smelters are actively stockpiling ore for Q1, and domestic port arrivals of zinc ore have increased. Import volumes are expected to remain high. 》Click to view the SMM Metal Industry Chain Database