Imported Zinc Ore Volume in May Reaches New High in History; Can It Be Maintained in June? [SMM Analysis]

SMM News on April 21:

      According to the latest customs data, in May 2025, China imported 491,500 mt (metric tons) of zinc concentrates, down 0.63% MoM (or 3,100 mt) from April, but up 84.26% YoY. From January to May, the cumulative imports of zinc concentrates reached 2.204 million mt, up 52.46% YoY.

       By country, the top three sources of imported zinc concentrates in May 2025 were: Australia with 108,600 mt, accounting for 22.10%; Peru with 79,300 mt, accounting for 16.13%; and South Africa with 51,600 mt, accounting for 10.49%. On a MoM basis, imports from Peru, Kazakhstan, Mexico, Mongolia, and other countries decreased significantly, while imports from Namibia, Iran, Oman, Chile, and other countries increased to varying degrees.

       SMM believes that the volume of imported zinc ore in May was basically flat compared to April, for the following reasons:

       1. The zinc ore import window briefly opened in late April. Considering the transportation time, this provided an opportunity for spot orders of imported zinc ore to flow into China in May.

       2. Long-term contract zinc ingots signed by smelters earlier continued to arrive, supplementing supplies. Coupled with the strong willingness of domestic smelters to increase production, they continued to purchase imported zinc ore to replenish raw materials, driving the inflow of imported zinc ore.

       Entering June, domestic zinc concentrate TCs continued to rise. Given the price advantage, smelters preferred domestic zinc ore over imported ones, showing lower willingness to purchase imports. The inflow of imported zinc ore in June is likely to be mostly long-term contract cargoes ordered by smelters earlier. With the import window remaining closed, the inflow of spot orders may be limited. It is expected that the volume of zinc ore in June may slightly decrease compared to May.

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