TCs for imported zinc ore rise, with imported zinc ore volume expected to remain high in May [SMM Analysis]

SMM May 20 Report:

       According to the latest customs data, China imported 494,700 mt (metric tons) of zinc concentrates in April 2025, up 37.6% MoM (135,200 mt) and 72.07% YoY. The cumulative imports of zinc concentrates from January to April 2025 reached 1.7125 million mt, up 45.26% YoY.

       By country, the top three sources of imported zinc concentrates in April 2025 were: Australia with 112,000 mt, accounting for 22.64%; Peru with 100,400 mt, accounting for 20.3%; and South Africa with 60,000 mt, accounting for 12.13%. On a MoM basis, countries such as Australia, South Africa, Russia, Peru, and Bolivia saw significant increases in imports, while imports from countries like Eritrea, Turkey, and Pakistan decreased to varying degrees.

       SMM believes that the significant MoM increase in zinc concentrate imports in April was due to the following reasons:

1. Some smelters postponed maintenance in April, and some smelters stocked up on raw materials for subsequent zinc ingot production and expansion, leading to strong overall demand for ore and increased purchases of imported zinc ore.

2. The upward trend in TCs for imported zinc ore continued, increasing the willingness of some smelters to purchase imported zinc ore, thereby driving an increase in spot orders for imported zinc ore.

       In May, TCs for imported zinc ore continued to rise. Additionally, some newly commissioned smelters began feeding production in May, maintaining strong demand for imported zinc ore. Furthermore, the import window for zinc ore occasionally opened in April, creating opportunities for spot order inflows. Moreover, there has been an increase in the inflow of Russian OZ ore into China recently. It is expected that the level of imported zinc ore will remain high in May.

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