[Ni] CBI Morning Review - 2009/7/23 Nickel Market

SHANGHAI, July 23 (CBI China) -- According to latest data from China Customs, China's imports of zinc concentrate were 249kt during June, down 17.4% MoM. Cumulative imports of zinc concentrate were 1.59 million mt during 1H, up 48.7% YoY. Zinc concentrate supply was 454kt during June in domestic market, with the 55% for average grade of imported zinc concentrate.
&nbsp;&nbsp;&nbsp; Zinc concentrate supply moved upward during 2Q in domestic market, and average monthly supply remained around 425kt. The demand for zinc concentrate increased gradually, as domestic zinc smelters improved their capacity utilization rate gradually. In addition, improving domestic supply capacity contributed to the declines in imported zinc concentrate on a monthly basis. According CBI sources, growth of domestic zinc concentrate output has slowed since July, so China's imports of zinc concentrate are expected to remain 250kt during July.
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