2009 September Zn Imports and Exports Data Analysis

SHANGHAI, Oct. 23 (SMM) --
Zinc Concentrate:
According to China Customs, China's imports of zinc concentrate were 379.6kt during September, up 1.4% MoM, with the YTD imports of 2.78 million mt, up 62.8% YoY. The cumulative imports of zinc concentrate have risen by more than 60% for three consecutive months compared to 2008 levels, and the increase is closely related to the growth in   domestic zinc capacity. In addition, the zinc concentrate supply in north China will begin to fall as cold weather approaches, so zinc smelters are now replenishing raw material stocks in advance in an effort to meet production demand.  This advance demand is a major reason behind the high output of zinc concentrate in September.
Refined Zinc:
According to the China Customs, China's imports of refined zinc were 35.7kt during September, up 16.8% MoM, with the YTD imports of 601kt, up 274.7% YoY. Zinc imports grew slightly from August levels, but still remained below average monthly imports, which is line with CBI's previous prediction. China's imports of refined zinc are expected to remain low during October.
China's exports of refined zinc were 1,785mt during September, while no exports of refined zinc were reported during August.  YTD exports were 8,626mt, down 84.55% YoY.  Zinc exports improved in September, and this growth is closely related to the current low domestic/LME lead price ratio. However, domestic zinc exports declined significantly on a yearly basis, as economies outside China were still recovering slowly, and since the Chinese government's new policies may restrict the export of resource-based products.
Zinc Oxide:
China's imports of zinc oxide were 1,650mt during September, up 43% MoM, with YTD imports of 12.3kt, down 16% YoY.  China's exports of zinc oxide were 1,994mt, up 38% MoM, with YTD exports of 10.4kt, down 63.8% YoY.  Zinc oxide exports declined during August on a monthly basis, but experienced growth during September, as large volumes of zinc oxide ordered previously arrived at domestic ports during September. According to customs data, China's zinc oxide is still mainly exported to Southeast Asian countries, and zinc oxide exports have been recovering steadily along with the macro-economic conditions since 2Q. 

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