[SMM Analysis] China's Zinc Concentrate Import Window Remains Open, January Imports Set to Stay High

SMM Jan 20 News:

According to the latest customs data, China imported 462,500 mt in physical content of zinc concentrates in December 2025, down 10.87% (56,400 mt in physical content) MoM from November, but up 1.15% YoY. Cumulative zinc concentrate imports for January-December totaled 5.3305 million mt in physical content, up 30.1% YoY.

By country, the top three source countries in December 2025 were Peru (72,700 mt in physical content, 15.7%), Australia (66,300 mt in physical content, 14.3%), and South Africa (58,700 mt in physical content, 12.7%). MoM, imports from Australia, Peru, and Oman saw significant declines, while inflows from the DRC and South Africa increased to varying degrees.

The slight MoM decline in China's zinc concentrate imports in December was largely in line with prior market expectations:

1. Cyclical arrivals led to reduced shipments of Australian zinc concentrates in December, contributing the bulk of the decrease.

2. Although the import window for zinc concentrates opened in mid-December, domestic smelters had largely completed stockpiling for winter needs, resulting in limited spot order inflows due to low purchase willingness in the latter part of the month

Entering January, on one hand, pre-priced imported zinc concentrates by smelters are arriving gradually, and with the import window remaining open, the economics of imported zinc concentrates have improved significantly, creating favorable conditions for imports. On the other hand, supported by high sulphuric acid and precious metal prices, domestic smelter refined zinc production is expected to increase in January. However, as domestic production enters the winter shutdown period, demand for imported zinc concentrates is expected to remain robust. Overall, China's zinc concentrate imports are projected to stay high in January.

(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.)