SMM Analysis: Zinc concentrate Imports Decline Significantly in June, with Australia and South Africa Contributing the Major Reduction

SMM July 21 News:

According to the latest customs data, in June 2025, 330,000 mt (metric tons) of zinc concentrates were imported, down 32.87% MoM from May (161,600 mt), and up 22.42% YoY. From January to June, the cumulative import volume of zinc concentrates reached 2.5339 million mt, up 47.74% YoY

By country, the top three sources of zinc concentrate imports in June 2025 were: Peru with 70,800 mt, accounting for 21.46%; Russia with 61,700 mt, accounting for 18.7%; and Australia with 34,700 mt, accounting for 10.51%. From a MoM perspective, countries such as Australia, South Africa, and Pakistan saw significant reductions in imports, while countries like Argentina, the Philippines, Russia, and Bolivia experienced varying degrees of increase in imports to China.

SMM believes that the significant decline in zinc concentrate imports in June compared to May can be attributed to the following reasons:

1. The SHFE/LME zinc price ratio remained weak, with the import window for zinc concentrate closed for an extended period in May and June, reducing opportunities for spot order inflows of imported zinc concentrate.

2. The export volume of zinc concentrate from countries such as Australia and South Africa to China declined significantly, contributing to the major reduction.

3. Currently, domestic zinc concentrate TCs offer a stronger price advantage compared to imported zinc concentrate. With sufficient raw material inventory at domestic smelters, their sentiment towards purchasing imported zinc concentrate remains low.

Entering July, the weak SHFE/LME zinc price ratio continues to impact zinc concentrate inflows due to the closed import window. However, driven by profits, domestic smelters maintain strong production enthusiasm, leading to a continued increase in refined zinc production. With limited supply growth of domestic zinc concentrate, smelters' demand for imported zinc concentrate has increased. It is expected that zinc concentrate imports in July may see a slight MoM increase.

(The above information is based on market collection and comprehensive evaluation by the SMM research team. The information provided in this article is for reference only. This article does not constitute direct advice for investment research and decision-making. Customers should make cautious decisions and should not replace their independent judgment with this information. Any decisions made by customers are not related to SMM.)