SMM Analysis:September Zinc Concentrate Imports Remain High, What Is the October Outlook?

SMM October 20 News:

According to the latest customs data, zinc concentrate imports in September 2025 reached 505,400 mt (in physical content), up 8.15% MoM from August (an increase of 38,000 mt in physical terms) and up 24.94% YoY. Cumulative zinc concentrate imports for January-September totaled 4.008 million mt (in physical content), up 40.49% YoY.

By country, the top three source countries for imports in September 2025 were Australia (127,200 mt, accounting for 25.2%), Peru (70,600 mt, 14%), and Oman (56,100 mt, 11.1%). MoM, countries such as Oman, Australia, and Bolivia showed significant increases, while inflows from Peru, Mexico, and Russia decreased to varying degrees.

SMM believes that September zinc concentrate imports increased slightly compared to August but remained at a high level overall, for the following reasons:

1. Although the import window for zinc concentrate remained closed, previously priced and long-term contract ore from smelters arrived at ports successively, maintaining import ore arrivals.

2. Winter stockpiling demand, coupled with high refined zinc production levels, kept demand from domestic smelters for zinc concentrate robust, sustaining some import concentrate transactions

Entering October, considering seasonal reductions in mine output in Q4 and continued strong smelting production driven by margins, demand for zinc concentrate remains high. However, import losses for zinc concentrate widened further in October compared to September. Domestic smelters are actively sourcing domestic ore rather than imports, and overall spot order activity for imported zinc concentrate is sluggish. October import volumes are expected to have limited room for further 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.)