Zinc Ore Imports Declined Significantly in March, What Will Happen in April? [SMM Analysis]

SMM April 21 News: According to the latest customs data, zinc concentrate imports in March 2025 reached 359,500 mt, down 22.09% MoM (101,900 mt) but up 47.16% YoY. Cumulative zinc concentrate imports from January to March totaled 1.2178 million mt, up 36.62% YoY. By country, the top three sources of imports in March 2025 were Peru (78,100 mt, 21.71%), Australia (61,400 mt, 17.09%), and Eritrea (28,600 mt, 7.95%). MoM, imports from Peru, Australia, Mexico, and Kazakhstan saw significant declines, while inflows from Eritrea, Mongolia, and the DRC increased to varying degrees. SMM attributes the MoM decline in zinc concentrate imports in March to the following reasons: 1. The import window for zinc ore remained closed throughout March, affecting spot order inflows. 2. The slow rise in zinc concentrate TCs made domestic zinc ore more price-competitive for smelters, leading them to prefer domestic purchases. In April, imported zinc ore previously purchased by smelters continued to arrive at ports. Although the price advantage of imported zinc ore remains limited, the rebound in the SHFE/LME price ratio has partially opened the import window, creating opportunities for spot order inflows. Additionally, with domestic smelter production continuing to rise MoM in April, demand for zinc ore has increased. Imports of zinc ore in April are expected to remain at March levels. Click to view the SMM Metal Industry Chain Database.